Standard Chartered said it has completed the first real time cross-border payment for businesses with another major correspondent bank.
The move is part of the bank’s continued technology push under its ‘banking the ecosystem’ strategy.
With traditional cross-border funds transfers usually taking up to two days, using software developed by blockchain firm Ripple the transaction took place in under 10 seconds.
“Digitisation is a priority for the Bank to better serve our clients by connecting business communities in a more efficient way. Payments innovation is a key area of focus in order to bank our clients’ ecosystem and make it more cohesive, reduce risk and increase transparency,” said Alex Manson, global head, transaction banking, Standard Chartered.
Once fully in place, institutions will have the ability to make cross-border payments in real-time without restrictions while also increasing transparency.
Standard Chartered recently announced its strategic investment in Ripple, along with Accenture and SBI Holdings as part of a $55 million investment.
This latest investment takes Ripple’s total funding to over $93 million with existing investors including Google Ventures, Andreessen Horowitz and IDG Capital Partners.
Enterprise Blockchain provider Ripple has a network including 15 of the top 50 global banks.
“This marks a major step towards real-time financial settlement. Together we’re building the foundation for the seamless flow of value and new business opportunities that haven’t previously been possible, said Ripple CEO, Chris Larsen.