Today, Vietnamese TPBank
announced that it has joined RippleNet for blockchain cross-border payments. Using the technology, the bank hopes to speed up remittances from a few hours to a few minutes. It is first focusing on transfers between Vietnam and Japan.
TPBank, short for Tien Phong Commercial Joint Stock Bank, became one of Vietnam’s top 10 banks in 2017 with assets of over $5.3 billion. It focuses on digital transformation and e-banking, and has a money transfer app which allows customers to send funds with a QR code.
Today’s announcement is another step in the right direction for the bank’s digitization goals. Ripple has merged its xCurrent and xRapid solutions into RippleNet. The former is a messaging system for payments, while the latter is an XRP-powered liquidity offering. Though unconfirmed, TPBank is most probably using xCurrent as a faster alternative to SWIFT’s protocol.
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