- Vietnamese TPBank joins the Ripple payment network
- The bank will utilize the RippleNet blockchain to accelerate international money transfers
- TPBank now joins leading banks such as PNC and Santander in adopting blockchain money transfers
On November 4th,2019, Vietnamese TPBank (Tien Phong commercial bank) announced that it had partnered with RippleNet for blockchain cross-border payments. Using the technology, the bank hopes to speed up remittances from a few hours to just minutes.
Thus far, TPBank has not publicized whether it plans to use Ripple’s XRP-based solution known as “On-Demand Liquidity” to move digital assets across borders.
Although international payments from the bank are currently targeted at Japan, reports say that the next recipient to this service would be South Korea.
TPBank became one of Vietnam’s top 10 banks in 2017 with assets of over $5.3 billion. It focuses on digital transformation and e-banking and has a money transfer app that allows customers to send funds with a QR code.
The partnership with Ripple is yet another step in the right direction for the bank’s digitization goals. Nguyen Hung, the CEO of TPBank stated:
“Customers will not have to wait for a few hours to make money transfers from Japan to a TPBank account because from now on, using RippleNet, applying blockchain technology to international money transfer, customers only need a few minutes to complete these transactions.”
Though unconfirmed, TPBank is most probably using xCurrent as a faster alternative to SWIFT’s protocol.
Ripple’s Growing Partnerships
By partnering with Ripple, TPBank now joins leading banks such as PNC and Santander, which also use the xCurrent payment solution, along with money transfer firms Ria and MoneyGram.
Additionally, Ripple has recently partnered with Faysal Bank, completed an acquihire of payments startup Logos, and joined with leading tech provider Finastra.
With Finastra, which works with 90 of the 100 largest banks, Ripple could significantly increase RippleNet adoption.
Decisive XRP Lawsuit Deadline Arrives in the US
Meanwhile, back in the US, a crucial deadline arrived on November 4, 2019, in a lawsuit that claims Ripple sold XRP as an unregistered security.
Ripple had earlier filed a motion claiming that Bradley Sostack, who filed his case in 2018, waited too long. The blockchain giant argued that the statute of repose requires the plaintiff to make his case within three years of the initial offering in 2013.