Sri Lanka’s Cargills Bank to Use Ripple’s xCurrent for Cross-Border Remittances
Cargills Bank Limited Partners With Ripple For Cross-Border Remittances to Sri Lanka
Ripple has been working to establish healthy partnership around the world to expand their reach, and the latest example of this effort in action is their new collaboration with Cargills Bank Limited. On August 15th, the Sri Lankan bank announced that they would be working with Ripple in an effort to make cross-border inward remittances possible, which they plan to use RippleNet to achieve. In this same annoucement, they said that they would be adapting their systems to xCurrent, which is the software that Ripple uses for security and safety in the transactions.
RippleNet came from a 2015 decision amongst Ripple and their advisory board that there was a need for more consistency and clarity in their operations. The single agreement states that any user on RippleNet can make transactions with anyone on the network. Everything from the standards to payment rules have already been established, making every payment consistent and simple, which seems to be just what Cargills Bank Limited needs.
The Bank offers both domestic and off-short banking opportunities, which is why they see this opportunity as a way to establish a more functional and fast payment network. In a statement from the COO of Cargills Bank, Rohan Muttiah, he said,
“We use technology to make Banking and payments simple, convenient, and accessible. Joining RippleNet allows Remittance Agents and Banks to leapfrog sources of friction and complexity in Inward Remittances while offering beneficiaries’ unparalleled access to their funds through Cargills Food City supermarkets.” Going on, he emphasized,
“With our practical use of Blockchain from a globally recognized brand such as Ripple, we have once again demonstrated the judicious use of technology to underpin a strong business case.”
As for Ripple, their Managing Director for their South Asia sector, Naveen Gupta, said,
“We understand how important remittance payments are to families that rely on them for necessities. Working with Cargills Bank will allow us to connect Sri Lanka to a financial system where remittance payments get to people faster and at a lower cost than ever before.”
Every single action that Ripple ever does hits social media fairly quickly, and Redditors had plenty to say. Luckily, this is one of the moves that many users have excitement over, calling it “super stuff” and commenting on how they are laying out the groundwork for an even bigger platform. However, some people cannot be pleased, as one Redditor simply expressed their disappointment over “no xRapid yet.”