Nordea, One of the Biggest Banks in Europe’s Ripple Connection

Published October 27, 2018 | Updated December 4, 2019

Blockchain for startups

Nordea, One of the Biggest Banks in Europe’s Ripple Connection

In an interview, Nordea CEO reveals that Ripple and its R3 Consortium is of enormous importance to them. Also, Deloitte in one of its most notable prototypes is integrating Ripple and Stellar blockchain platforms to enable P2P transactions across geographies.

Ripple and R3 Consortium holds Enormous importance for Nordea

An article in Kauppalehti, a Finnish website, mentions the CEO of Nordea, largest financial group in Northern Europe talking about a potential cooperation with R3.  

According to the rough translation of the article, von Koskull shares,

“…major changes are anticipated on the payer side. Information is already passing in the world for seconds, but thousands of billions of billions of dollars are slow. Bank transfer from Helsinki to New York costs extra and still takes days. “Payments are, of course, the greatest potential, the volumes are the biggest.”

It further talks about the Temenos system that will be compatible with faster and cheaper payment solutions based on block technology and they are already challenging the popular banking SWIFT payment system.

“Ripple has already launched its own technology, which is being introduced in Japan. Everything is done in cooperation with banks, such as the R3 Consortium. It is of enormous importance to us. “

Ripple and Stellar to Enable Person-to-Person (P2P) Transactions

A Reddit user found a paper by Deloitte on Project Ubin: SGD on Distributed Ledger along with the Monetary Authority of Singapore (MAS) that talks about Distributed ledger technology (DLT) and using it in the cross-border payments.

“DLT offers significant benefits to both P2P and Business-to-Business (B2B) payments in terms of cost savings, increased efficiency, and improved security. Cross-border payments have plenty of room for innovation, and the future looks bright for DLT within this use case.”

However, the most important aspect of this report is the Deloitte’s prototype for cross-border payments that will be using both Ripple and Stellar blockchain.

“One of Deloitte’s most notable prototypes is the cross-border payments application… The prototype integrates Ripple and Stellar blockchain platforms to enable Person-to-Person (P2P) transactions across geographies.”

Though Deloitte has already integrated Ripple technology in 2016 along with the Stellar network, looks like the company is using both the technologies in its protocol.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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