Part of Ripple’s appeal is their ability to perform cross-border transactions with such fast processing times. Predominantly, their technology has been used for their own company, but it looks like traditional banks are looking to employ it as well. A recent announcement shows that Akbank, an institution in Turkey, employed their help in a transaction involving a Turkish bank in the UK.
Akbank initiated the transaction, which was in the Great British Pound (GBP), sending it to Santander Bank in Turkey. The news that this technology is being used for a mainstream transaction is a great sign for the bear market, which is hopefully close to finding relief. This transaction marks the first time a bank has used the blockchain technology from Ripple to help with the clearing of the payment, eliciting positive attention for Olga Ulutaş, the Executive Vice President of Direct Banking.
When discussing an announcement that appeared last year about their potential for employing Ripple’s technology, Ulutaş announced an international transaction that was in the works. He added, “Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks.”
According to a blog, the company now has clear authorization to continue using the technology from Ripple. The GMT Israel blog stated, “GMT is joining companies like MoneyGram, American Express, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.”
The community members for Ripple seem to be under the belief that the transactions could be due to the use of Ripple’s xCurrent, rather than xRapid. However, there’s been no mention of either being involved. Months ago, in June, CEO Brad Garlinghouse of Ripple noted that he believed that at least one of the many traditional banks in the world would find value in the application of XRP. When questioned about his confidence in this idea, he said he was “100% sure.”