NAB joins blockchain network Ripple
(13 September 2016 – Australia) Global settlements solution provider Ripple has announced that Australian bank, NAB will be joining its global network, along with Westpac which is already a member.
The banks that are part of Ripple's network, including Satander, UBS, Royal Bank of Canada and National Bank of Abu Dhabi. have successfully used its distributed financial technology to transfer money and are looking to implement the solutions commercially, the company said.
Ripple's CEO and co-founder Chris Larsen said financial institutions looking to use blockchain for payments and settlement rather than as an experiment are forward-thinking.
“The continued growth of the Ripple network represents a major endorsement of our open approach to connecting the world’s banks and their customers. Together we are building a modern payments system to enable new economic opportunities and the seamless flow of value around the world," he said.
Ripple's system allows banks to transact directly and with "real-time certainty" in order to improve their cross-border payments offerings.
While only two Australian banks are currently part of Ripple's network, other banks have also been experimenting with blockchain. In August, Commonwealth Bank of Australia (CBA) took part in a worldwide blockchain test with financial innovation company R3. Additionally, ANZ Bank is part of a not-for-profit group that included global technology powerhouses such as IBM and Intel called “Hyperledger”.
The announcement from Ripple coincides with the provider's announcement that it has completed a US$55 million Series B funding. It plans to use the funds to accelerate its rapid customer growth, pursue partnerships and grow its international team.
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