Banking moghul MUFG appreciates Ripple for inexpensive & faster money transfers

Ripple is making it big in the banking sector and Mitsubishi UFJ Financial Group (MUFG) came in with its hands full of appreciation. MUFG has had hands on experience working with the maker of XRP and reportedly said that Ripple has made transfer of huge amounts of money to its other branches across borders economical and faster.

The association of Ripple and MUFG

After partnering in March 2017, MUFG joined Ripple’s Global Payments Steering Group (GPSG). Being part of GPSG, the fifth largest bank in the world in terms of total assets, MUFG joined other banking pioneers like Standard Chartered, Bank of America, Royal Bank of Canada, CIBC, Santander and Westpac Banking Corporation.

An executive from MUFG, who believes “Ripple is one of the solutions we are concentrating on and the one that works”, elucidated how Ripple is advancing MUFG at the Blockchain for Finance Conference in late June: “Why this really matters to us, we operate in more than 50 countries as a bank around the world, so more than 50 countries have branches and operations and we have to move money between all those operations every day in a significant amount of money. We got a number of multinational corporates that operate all across, so there is huge liquidity occurring every day.”

Apart from these, the payment protocol is also making quite a progress with other products like xVia and XRP. Ripple’s Platio, a smart banking ecosystem payment network through a Twitter post established its association with Ripple: “We have a vendor agreement with Ripple. We will be integrating with Ripple’s xVia feature to transmit payments.”

 

 

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Image via Wikimedia Commons

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