September 27, 2022

Canada’s Leading Bank Uses Ripple’s Network to Make Cross-Border Payments

FILE PHOTO: FILE PHOTO: The logo of National Australia Bank is displayed outside the firm's headquarters in central Sydney, Australia, August 4, 2017. REUTERS/David Gray/File Photo

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One of the largest banks in Australia, 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 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.

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.

Earlier, Ashish Birla, general manager of the RippleNet platform, noted that the company’s flagship product, the On-Demand Liquidity (ODL) payment solution, is close to achieving “global coverage”.

The service operates in 22 markets and the company is “very happy” with RippleNet’s growth rate, Birla said. In 2021, the volume of payments in the network exceeded $10 billion.

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

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