Leading banks of Australia, Canada, and Israel will start using the RippleNet network

With Ripple’s product, the financial institutions plan to increase the efficiency of international transfers

22.03.2022 - 09:45

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1 min

What’s new? National Australia Bank has published a press release announcing the creation of an international banking innovation network. It includes Canada’s CIBC and Israel’s Bank Leumi. The transactions between financial institutions on the network will be conducted using technologies from the Ripple project.

The full version of the press release

What other statements have been made? The RippleNet system is planned to be used in the implementation of cross-border payments. The representatives of the Bank of Australia said that they have already tested Ripple’s blockchain and believe that “the technology has the potential to not only deliver real time international payments, but also improved security and efficiency of our payments systems.”

The three banks in the alliance have a combined audience of more than 20 million customers located in different regions of the world.

Earlier, the RippleNet system was included in the list of recommendations for the Arab central banks. The Arab Regional Fintech Group (ARFG) published a “Practical Guide on CBDC” for central banks, in which RippleNet is on the list of recommended payment systems.

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