Ripple technology will be now used by one of the largest banks of Brazil, Bradesco in collaboration with Japan’s largest financial institution, MUFG Bank to facilitate faster and transparent cross-border payments between Japan and Brazil.
Brazil and Japan’s Premier Banks to Utilize “Ripple’s cutting-edge Technology”
Ripple has added yet another partner to its already long list. This time one of the largest banking and financial services company of Brazil, Bradesco is leveraging Ripple technology. Brazil’s private bank has over 5,300 branches and in a total of approximately 38,000 Automatic Teller Machines (ATMs).
Targeting the Japan and Brazil cross-border payments corridor, Ripple’s another partner and the world’s leading financial institution, Mitsubishi, MUFG Bank will also join Brazil’s Bradesco as reported by Ripple on its Twitter:
— Ripple (@Ripple) November 9, 2018
According to the official document released, “MUFG Bank, and its wholly-owned subsidiary, Banco MUFG Brasil S.A., today announced the signing of a Memorandum of Understanding (MOU) with Banco Bradesco S.A. to collaborate on a new cross-border payment service.”
As for the purpose of this agreement, it has been shared by MUFG:
“Through this MOU, MUFG Bank has decided to start the collaborative development for cross-border payments between Japan and Brazil, utilizing Ripple’s cutting-edge technology. The new payment system — developed by Ripple, a San Francisco-based software vendor — will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”
The collaboration between MUFG and Bradesco is not anything new but rather dates back to 1973. Talking about the MUFG joining the interbank group of Ripple in 2017, it points out that the current MOU is the “extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco, and represents the banks’ most recent business engagement.”
This is certainly an exciting news for the Ripple community as the company constantly expands its network by adding more banks and financial institutions to its name. With this hopes of the community for XRP to dominate the crypto, space rises up.
At the time of writing, XRP has been trading at $0.5024 while being down by 1.24 percent in the past 24 hours.
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Ashutosh Singh from Computer science background is a full-time content writer at Coingape. His passion lies in writing and delivering apt information to users. Currently, he does not hold any form of cryptocurrencies. Reach out to him at [email protected]