Multi-bank cross-border payment test over Ripple network
(16 May 2018 – Asia) Mitsubishi Corporation, MUFG Bank, Bank of Ayudhya and Standard Chartered have jointly launched a cross-border payments test over RippleNet.
The pilot will leverage Ripple’s software to provide pre and post-settlement messaging and enable real-time settlement and delivery of funds. The collaboration aims to make cross-border payments more convenient and improve the capital efficiency of corporate entities.
The pilot will be carried out by Mitsubishi Corporation between accounts of subsidiaries in Thailand and Singapore under the Bank of Thailand regulatory sandbox framework and is the first result of a joint projects between the companies to improve cash management with a real-time, multi-currency, multiple-bank platform.
The sending bank is the Bank of Ayudhya and the sender is Thai-MC Company Limited.
Standard Chartered Singapore is the receiving bank with MC Finance & Consulting Asia the recipient.