Banesco Panamá, First of its Region Completes Successful International Transfers via Ripple

Banesco Panama revealed on Twitter that it has become the first bank in the region to successfully test Ripple’s technology for cross border payments and take it to the customers in the near future.

Banesco Panama is a private bank owned by Spanish holding company Banesco Holdings Financiero, SL that offers financial services such as online banking, lines of credit, checking and savings accounts, certificates of deposit to consumer and corporate clients in Panama.

The bank further revealed more details on its LinkedIn announcement stating,

“Today we position ourselves as the first bank in the region to conduct a successful performance test of international transfers, through Ripple, a platform that connects banks worldwide, using blockchain.”

The test involved a transfer between a bank in Peru and Banesco through the Ripple platform.

“This is just the beginning of a plan of actions, where leveraged in technology we seek to provide exceptional experiences, based on speed, accessibility, and low costs, as key elements,”

said Rodrigo González Panice, Executive Vice President of innovation, transformation, and experience of Banesco.

Panice further shared that “soon” they will be announcing the availability of this “innovative service” in the Panamanian market as well.

Ripple Expansion

Ripple is constantly tapping into new markets and expanding its reach globally. Just recently, we saw Ripple partnering up with Ria Money transfer to enhance the payment experience of the company's customers.

A subsidiary of Euronet, Ria joined RippleNet to enable the faster and cheaper transfer of funds. With its presence in about 377,000 locations in over 155 countries all over the globe, Ripple will be gaining a huge expansion by helping million of Ria’s clients by building rails for an innovative payment infrastructure.

In another event, EvonSys revealed a solution to integrate with Ripple. The company actually implemented the Ripple integration to Pega, a prominent platform for digital process automation.

According to EvonSys, this integration could be utilized as an accelerator by banks while further stating that a number of clients have already integrated but due to NDA’s won’t be revealed.

EvonSys’ solution integrated Pega Smart Investigate 7.1 with Ripple’s XRP SI 7.1 that according to the company will offer the “Power to Simplify” the treasury investigations in a transparent manner. This integration will further facilitate sending a single transaction as well as making bulk payments easier via direct payment channel.

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