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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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XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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