When it comes to cross-border payment system, Ripple and XRP is the centre of attention. However, the most effective crypto move may soon be seen by Brazil and Japan. Ripple officials on Twitter stated that it is set to launch new cross-border remittance service, intending to expand blockchain adoption across FinTech.
According to the sources, Ripple technology will be the key source for largest banks of Brazil and Japan. Consequently, Bradesco of Brazil in collaboration with MUFG Bank is the latest banks to employ Ripple’s technology to provide most transparent cross-border payment across Brazil and Japan.
Brazil’s private bank opens more than 5300 branches and approximately 38000 automatic Teller Machines (ATMs). Moreover, the document by MUFG Bank Ltd, claims that the its subsidiary has already singed a MoU (Memordandum of Understnding) with Brazil’s Banco Bradesco S.A to mark the collaboration to leverage Ripple Technology.
MUFG was the first bank to join RippleNet, aiming to facilitate payment transfer smoother and quicker across the countries. It offers services in Latin America such as oil, gas, food, power, metal, beverages, utilities, agriculture, mining and other financial services. The adoption of Ripple’s technology points that the firm is focusing on business expansion and growth.
Moreover, the Ripple’s underlying technology offers lower costs and enables users to track the whole transactions. However, it doesn’t mean the firm uses XRP, rather xRapid, a unique and separate prouct of Ripple that focuses on speedy transaction.
Other players employing Ripple technologies are American Express, Japan’s SBI Holdings, Bank of America, France’s Credit Agricole and many more.
Japanese Bank in press release states that;
“The MOU is an extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco. Furthermore, it represents the banks’ most recent business engagement”.