Standard Chartered to expand roll out of RippleNet
(2 May 2018 – Singapore) Standard Chartered is set to extend its cross-border payments network across the Ripple system over the coming year.
The bank currently uses Ripple to speed up payments processing between buyers and sellers in India and Singapore. The system has helped the bank unlock the $15 billion trade corridor between the two markets, supporting the bank’s corporate supply chain.
Standard Chartered chief executive Bill Winters mentioned plans to extend the use of the platform to five more pairs of countries in the bank’s Q1 interim management report.
Mr Winters said, “We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018.”
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