ComBank joins RippleNet for blockchain-led remittances
View(s):The Commercial Bank of Ceylon recently joined RippleNet, a global payments network leveraging Ripple’s Blockchain technology which facilitates both inward and regulator-enabled outward blockchain technology-powered remittances that are virtually instant and extra secure.
Joining RippleNet ensures that remittances are received instantly with an end-to-end tracing and tracking solution, that the process is transparent and tamper-proof, and that remittances of lower denominations are viable due to the lower rates that apply, the bank said in a media release.
Ripple’s technology facilitates a simplified experience for customers by offering a straightforward remittances process with the removal of multiple steps in the regular process. Blockchain also provides the ability to move money on real time basis, leading to improved productivity.
Additionally, while traditional remittance measures require a third-party that handles the authorisation and release of the payment, blockchain removes the requirement for a middleman. This decentralised structure is one of the primary reasons the remittance process happens faster and costs less.
Ripple’s technology connects banks and payment providers enabling one frictionless experience for sending and receiving money globally.
Commercial Bank is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options including ‘e-Exchange’ which is the bank’s own sophisticated real-time online money transfer service, and other popular remittance facilities such as MoneyGram, Ria and Express Money. Ripple’s technology will bring innovation to fundamentals of international remittances since the bank will apply this service in Sri Lanka as well as to other overseas markets where it has a presence.