Canada’s Largest Bank is Using Ripple’s Network for Cross-Border Transactions

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The National Australia Bank (NAB), one of the largest banks in Australia, together with the Canadian Imperial Bank of Commerce (CIBC), is using Ripple technology to make international payments.

The NAB has spoken about this in a statement about the creation of an international banking alliance. In addition to the credit institution itself, it will also include the Israeli Bank Leumi and CIBC. According to the press release:

“We are excited to work with CIBC and have already collaborated with them on using Ripple’s blockchain technology to make international payment transfers between our organizations as part of a proof of concept. In our opinion, this technology has the potential not only for real-time international payments, but also for improving the efficiency and security of our payment systems.”

The alliance created by NAB involves the exchange of information and innovative strategies, as well as the joint development of products and services.

NAB services are used by more than 8 million customers in Australia and around the world, CIBC serves over 10 million people.

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