Standard Chartered Bank has announced plans to expand the use of the network Ripple (XRP). The company has set a goal to establish the transaction between the five pairs of countries by the end of the year.
Standard Chartered – banking company from England, that works in a large network with over 1,200 branches. The company conducts its business in 70 countries, providing jobs to more than eighty-seven thousand employees. Recently, however, the company decided that their impact can be expanded even more thanks to a partnership with Ripple (XRP).
Ripple is known that binds cryptoamnesia platforms, banks, various corporations, as well as many payment providers. All they come in contact with each other through RippleNet that allows them to instantly transfer money anywhere in the world.
Through the adoption of Ripple Standard Chartered wanted to open a new trade corridor worth $ 15 billion. This corridor is located between Singapore and India, and it is expected that it will be unlocked in November of this year.
The use of the system is mainly due to the increase in the speed of payment. Corporate supply chain Bank includes many buyers and sellers, and the ability to process transactions with greater speed will be very useful to improve the business practices of the company.
Bill winters – CEO of Standard Chartered, a banker from America. He replaced the previous CEO Peter Sands in June, 2015. It plans to expand the Bank’s business with the use of the Ripple network was discussed in the report of the Bank for the first quarter of this year. In it he paid special attention to the investment Bank in respect of innovation and similar initiatives. He said that the company uses blockchain technology to simplify cross-border payments. This, however, is only part of the first corridor, which will provide payments in real-time.
Now identifies opportunities will be expanded and it is expected that new targets will be achieved in the course of this year.
Most likely, Standard Chartered will use the technology in a few centralized structure. Of course, one of the goals – fast transactions, but the Bank will be able to monitor operations through the use of centralized structures.
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