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Standard Chartered to extend its use of the Ripple [XRP] Network

Aman Swami

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Standard Chartered to extend its use of the Ripple [XRP] Network
Source: Wikimedia Commons

Standard Chartered plans to extend its use of the Ripple network for cross-border payments to five more pairs of countries over the coming year.

Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than twelve hundred branches and outlets across more than seventy countries and employs around eighty-seven thousand people.

Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.

The bank went public with its use of Ripple to unlock the $15 billion trade corridor between India and Singapore in November.

The system is being used to speed up payments processing between buyers and sellers in the bank’s corporate supply chain.

Standard Chartered CEO, Bill Winters is an American banker who replaced Peter Sands in June 2015. In the bank’s first quarter interim management report, he discusses the plans to extend the use of the platform, Ripple network.

In a passage on the bank’s investment in innovation initiatives, Winters states:

“We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018.”
Ripple which is also sold on the idea of a decentralized currency and a blockchain technology transfers the centralized transaction structure to a decentralized structure but in the case of Standard Chartered, the Ripple Network enables the bank to utilize their technology in a centralized structure where Standard Charter utilizes the benefit of fast transactions but continues to keep control of the transactions maintaining a centralised structure.

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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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