Westpac and ANZ Experiment with Ripple
Coindesk: Two of Australia’s ‘big four’ banks, Westpac Banking Corporation and the Australia and New Zealand Banking Group, are experimenting with peer-to-peer transfers on the Ripple protocol.
The news, revealed by The Australian Financial Review, follows last month’s announcement that the Commonwealth Bank of Australia (CBA) – another ‘big four’ rival – is trialling the tech for transfers between its subsidiaries. At the time, CBA’s chief information officer David Whiteing described distributed protocols as “the way of the future”.
While ANZ is still in early discussions with the company, Westpac, the larger of the two by market cap, told TAFR it has begun a proof-of-concept with Ripple Labs, whereby its employees are sending funds to two countries overseas.
Rachel Slade, Westpac’s general manager of global transactional services, said:
“The solution we’ve developed is faster than other alternatives in the market today, providing same or next-day payment. This technology could be very beneficial to all Australians, providing a low-cost and fast method of sending low-value payments overseas.”
Both Slade and an ANZ spokesperson were more guarded on the possibility of trialling cryptocurrencies like bitcoin in future, citing regulatory uncertainty.
“The banking of cryptocurrency is technically feasible, though we don’t have that capability today,” the ANZ spokesperson said.
Startupsmart: Commonwealth Bank is the first large commercial bank in the world, that made strategic alliance with digital currency network. Ripple blockchain’s shared public ledger technology allows users to exchange values on a global scale. But for all that the Bitcoin cryptocurrency is not being in a particular use of the end-users. This provides a wide rage of new opportunities for CommBank. For instance it may become a gateway to foreign exchange markets and such rare currencies as the Indonesian rupiah and the Vietnamese dong. Another bank – from Shanghai – recently announced its partnership with Ripple. Thus they’re planning to attract global fintech entrepreneurs. Read the full article
Thepaypers: In Europe, MasterCard filed a request to the British governors urging them to pay more attention to the cryptocurrencies. The payment network claims that transfer costs of those systems are much lower only because they don’t have any expenses related to compliance, anti-laundry legislations and consumer rights protection requirements. Read the full article