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April 27, 2017updated 18 May 2017 1:19pm

Ten banks join Ripple global payments network

By Douglas Blakey

Blockchain payments company Ripple has announced that it has signed 10 new banks to its global payments network.

The new members include MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com.

Ripple CEO Brad Garlinghouse said: “The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating.

“People know Ripple is the only blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”

Ripple said that BBVA is using its network to enable real-time payments between Europe and Mexico, Turkish private bank Akbank has adopted blockchain to make faster cross-border payments, credit union Star One aims to offer Ripple remittances to customers via eZforex.com.

Cambridge Global Payments and Earthport have partnered to enhance the customer experience, increase the reach and minimize the cost of real-time cross-border payments, it added.

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