The leading bank of Canada uses the Ripple network to make cross -border payments

One of the largest Australia banks National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), uses Ripple technology to make international payments.

NAB spoke about this in a statement on the creation of an international banking alliance. In addition to the credit institution itself, it will also include Israeli Bank Leumi and CIBC.

“We are pleased to work with CIBC and have already collaborated with it to use the Ripple blockchain technology to make international payment transfers between our organizations as part of a concept verification. In our opinion, this technology has the potential not only for international settlements in real time, but also to increase the efficiency and safety of our payment systems, ”the press release said.

The NAB Alliance created by 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.

Earlier, RipPlenet general manager Ashish Birla noted that the flagship product of the company-payment solution on-Demand Liquidity (ODL)-is close to achieving "global coverage".

According to Birla, the service operates in 22 markets and in the company "Very satisfied" are RipPlenet growth rates. In 2021, the volume of payments on the network exceeded $ 10 billion.

Recall that in November 2021, the Pakistani Bank Alfalah and the financial services provider Lulu Exchange from the UAE made a partnership to accelerate and increase the volume of money transfers between countries through the Ripplenet platform.