Mitsubishi Corporation, Standard Chartered and Bank of Ayudhya (Krungsri) — a Thailand subsidiary of MUFG Bank, today collectively announced a pilot test for payments between Singapore and Thailand with RippleNet’s xCurrent.
The goal of the pilot is to demonstrate the economic viability of delivering high-speed cross-border payments between independent banks.
With production volume growing on RippleNet, Ripple says this pilot is further marked as a unique milestone by the inclusion of Mitsubishi Corporation. Like many of their Fortune 500 peers, Mitsubishi Corporation’s is pursuing faster, more transparent and traceable solutions for global liquidity management.
The Ripple team said:
“As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.”
“As a result, like much of the consumer market that has turned to fintech companies for cross-border remittances, a growing base of enterprises are turning to fintech providers to address their global payment needs. To maintain a competitive edge, many financial institutions have begun to adopt new technology like Ripple’s blockchain-powered solutions.”
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