Mitsubishi Corporation and its partners — MUFG Bank, Bank of Ayudhya and Standard Chartered Bank will use RippleNet for transfers. This will allow companies to accelerate the movement of funds in real time without the need to convert them to one currency. Now preparing for Ripple testing demonstration of the capabilities of the network.
Representatives of the Ripple commented on the news:
“The purpose of these tests is to demonstrate the commercial feasibility of high-speed platform for cross-border transfers between independent banks. World trade volume is growing, and problems related to international payments, experiencing including small business. These companies have neither the resources nor the experience to avoid the pitfalls of modern payment systems.”
The tests mentioned above will be held by the Mitsubishi Corporation. Cash flow in real time will see its branches in Thailand and Singapore. As NewsBTC writes, this is the first time a Japanese company (not being a financial institution) carries out a transboundary transfer using RippleNet. If successful, the experience of Mitsubishi may encourage other Japanese companies to also transfer internal flows of funds on the Ripple network.
Recall that Standard Chartered Bank has joined RippleNet in November last year. Earlier today it became known that the company has opened a special program to support entrepreneurs Xpring.