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Canadian CIBC and Australia’s NAB Partner to Use RippleNet Solution

Blockchain News | Godfrey Benjamin| Mar 21, 2022

CIBC and NAB partner to use ripplenet solution - Canadian CIBC and Australia's NAB Partner to Use RippleNet SolutionNorth American banking giant, the Canadian Imperial Bank of Commerce (CIBC), and the National Bank of Australia (NAB) have inked a partnership to bolster cross-border payments settlement to each other, with Ripple’s RippleNet solution featuring at the centrepiece of the deal.

As announced by the NAB, the decision to make use of the RippleNet solution stems from the protocol’s ability to deliver real-time cross-border payments at relatively cheaper and faster turnaround times.

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“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real-time international payments, but also improved the security and efficiency of our payments systems, so this is an important piece of work,” said NAB Executive General Manager NAB Labs Jonathan Davey.

The decision by NAB to make use of Ripple’s solution has showcased how much of a healthy reputation Ripple has been able to maintain since its ongoing legal brawl with the United States Securities and Exchange Commission (SEC) commenced over a year ago. Besides the NAB, Westpac, one of the top banking institutions in Australia, has also tapped the RippleNet solution as the go-to outlet for its cross-border payments settlements.

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NCFA Jan 2018 resize - Canadian CIBC and Australia's NAB Partner to Use RippleNet Solution The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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