Latin American Banks Explore Ripple’s Cross-Border Payments Technology

by | Jun 25, 2019 | Cryptocurrency, Cryptocurrency News

Latin American | Cross-border payments | banks | Technology | Blockchain | Ripple

Banesco Panamá and Scotiabank Chile, two Latin banks has been reportedly looking at adopting Ripple’s cross-border payments technology. The duo is testing Ripple’s xCurrent in order to understand how they can move their capital, as per the financial news agency iupana.

As per the report, Banesco Panamá is working with regulators so as to ensure it’s fully compliant and is also taking a look at the digital asset XRP to move money around the world.

“Banesco is aiming to roll out the technology between the banks in its group – covering the Dominican Republic, Panama, Portugal, Puerto Rico, Spain and Venezuela…Banesco’s proof of concept used the xCurrent network for the funds transfer, seeing use of Ripple’s cryptocurrency XRP as being a step further than it is comfortable with. Once integrated into the Ripple network, Banesco aims to initially offer blockchain-based transfers only between banks in the group. That’s because Banesco needs to strike a deal on rates and exchange rates bilaterally with each recipient bank.”

As for Scotiabank Chile, it is further testing international payments with Ripple.

Daniel Kennedy, the Digital bank VP adds that the bank believes Ripple’s payment network “works really well”. Kennedy cited Lima, Peru as a potential place customers could send funds, but says more work needs to be done before the bank can fully integrate Ripple’s technology.

“As soon as you do that, the process becomes a lot more efficient, a lot more effective. And you can start having almost one account. If you’ve got a small business in Chile with clients in Lima, they can deposit into an account that has the same number and it just gets transferred. But we’re not there yet.”

As per Ripple, at least 200 banks and financial institutions have now signed up for its global payment network RippleNet. CEO Brad Garlinghouse stated that the company is signing up new clients at a record pace as interest in blockchain-based solutions has been growing ever since Facebook revealed its digital asset Libra.

Read More: BIS Expresses Concern Over Facebook Entering Cryptocurrency Sector

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