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MUFG-the Bank wants to develop Ripple-based payment solution between Japan and Brazil

MUFG-the Bank wants to develop Ripple-based payment solution between Japan and Brazil

Home News MUFG-Bank Ripple-based payment solution between Japan and Brazil develop

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Marcel Knobloch –
10.11.2018

Ripple is one of the most controversial projects in the crypto universe, that the connection between the traditional financial wants to connect to the market and new innovations such as the block chain technology. Many Financial heavyweights are already testing software solutions of Ripple. The MUFG Bank of Japan wants to optimize with the help of the support Ripple payments between Japan and Brazil, and to a new Level.

The MUFG Bank, Japan’s largest lender, wants to set up in cooperation of the Brazilian branch of Banco MUFG Brasil SA and the second-largest private Bank in Brazil, Banco Bradesco, a payment corridor between the two countries. All cross-border payments are to be handled conveniently and quickly by the support of Ripple’s block chain technology.

The Ripple developed payment systems are already being tested by many large banks, including Bank of America, Spain’s Santander and France’s Credit Agricole, among others, in detail and used in practice. The recent agreement between the two lenders was signed last year in September and has now been extended for an indefinite period of time.

MUFG was one of the first customers to have been a member of the RippleNet, a decentralized network of banks and payment service providers, use the Ripple payment solutions offered to ensure fast, transparent and traceable transactions across national borders.

XRP / Fiätbörse stands in the start holes

The independent XRP Developer Wietse Wind has released the Beta Version of XRParrot. The platform works in a very simple and unspectacular: just a XRP receiving address needs to be entered where the money should be transferred. Then a dollar amount can be transferred to an IBAN Bank account (provided by XRParrot) and the amount of money is promptly converted into XRP and the destination address is transferred.

Beta users report that the entire process is completed within a few hours and the fees are less than a Euro.

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