After the new partnerships with MercuryFX and IDT corporation, the newest addition to Ripple is France based world’s 11th largest bank Credit Agricole. The new partnership is to speed up the payments and offer a better service to the customers. This announcement comes as a proof of how important the solution offered by Ripple is for financial institutions, banks, and money transfer companies.
Crédit Agricole is one of World’s largest bank
Ripple has already a huge clientele interested in XRP virtual currency that is tethered to Ripple’s blockchain. In 2016, Ripple collaborated with seven new banks to test out its distributed ledger technology. These banking institution partners included Spain’s Banco Santander, Canadian Imperial Bank of Commerce or CIBC, Italy’s Unicredit and Swiss-based UBS.
Later that year, Ripple announced that the UK unit of Banco Santander and American Express were also going to team up in order to use the blockchain technology of Ripple in a real-world payment scenario.
MUFG, the world’s fifth-largest bank by assets at $2.6 trillion was among the first one to join RippleNet. Other members of RippleNet include Bank of America, USB, UniCredit S.p.A., Westpac, Standard Chartered, Santander, RBC, BMO and Mizuho Financial Group.
France experimenting with money transfer technology of Ripple
Now, Credit Agricole, the 11th largest bank in the world with $1.82 trillion assets is all set to become the new partner of Ripple. The idea is to process the real remittance payments for its employees.
The official website of Crédit Agricole posted:
“Several Crédit Agricole entities* are currently experimenting with blockchain technology to simplify money transfers with a foreign-exchange component and make things easier for their customers who live near the Swiss border. Thanks to the Ripple-developed blockchain, the customers of the Regional Banks located near the Swiss border and Crédit Agricole next bank (CANB) in Switzerland will be able to transfer their salary paid in Swiss Francs to their French bank account in just a few minutes, instead of the three days it currently takes. They’ll be able to control this transfer directly from a mobile app, and blockchain will provide real-time settlement of the transactions, greater transparency in the exchange rate used for the transaction, and lower embedded costs. This test is to run for six months before the service is rolled out to the entire territory.”
The test that will run by Credit Agricole Payment Services will last 6 months and will cover salary transfers in Swiss francs for the cross-border customers. This will basically take place between Swiss bank Crédit Agricole Next Bank and regional bank Crédit Agricole des Savoie. The challenges and stakes of the test will be presented by the Credit Agricole Payment Services and Ripple on January 30, 2018, at the Paris Fintech Forum in Paris.
Who do you think will be the next big name in the financial institution and bank industry to join with Ripple? Do you think it will also affect the price of Ripple? Let us know your thought in comments below.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.