Santander, the large scale Spanish bank and one of Ripple’s major partners, is still hesitant to adopt XRP as part of its international payment network, One Pay FX. The company reasoned that the token “was not actively traded in enough markets” to support the company’s banking needs. During an interview with the Financial Times, Cedric Menager, chief executive officer of One Pay FX, explained that Santander wants to provide the “best [user experience] as quickly as possible.” He also said that the bank hopes to “operate in as many currencies and corridors as possible from the beginning.” Ripple clarified that …
Kahina Van Dyke, former senior vice president of business and development at blockchain firm Ripple, took on the role of Global Head, Digital Channels and Client Data Analytics at major bank Standard Chartered. According to an official announcement published by Standard Chartered on Feb. 19, Van Dyke joined the bank’s Corporate, Commercial and Institutional Banking (CCIB) division. Improving Standard Chartered’s data analytics The CCIB division focuses on corporate clients, financial institutions, and investors. The experts working on the team connect those clients with each other, and provide them advice and access to financing. CCIB chief executive Simon Cooper explained in …
Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network. The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document on Feb. 10. Still, the partnership must be well over a month old, given that the document in question was published in December 2019. Bank Asia’s logo is present on a page showing examples of RippleNet users, alongside Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB and SBI Group. The LinkedIn profile of the bank’s head of foreign remittances Khandaker Mujahidul Islam shows that he is working …
Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website. Per the announcement, the project, which has been ongoing since mid-2018, aims to optimize operational efficiency. The bank claims that earlier this year, it has successfully carried out payments on blockchain within one minute. The post also points out that conventional methods require a wait of one to two days for the settlement to be carried out. SCB SEVP …
JPMorgan Chase (JPM) is expanding the use of its blockchain technology to help reduce the number of global payments rejected by errors, the Financial Times reported on April 21. The United States financial giant is adding new features to its Interbank Information Network (IIN,) which is now used by more than 220 banks around the world. The technology was initially designed to help institutions share payments data in real time — cutting delays in processing times. John Hunter, JPM’s head of global clearing, said it has built a new feature that can instantly verify whether a payment is heading to …