South-East Asia’s leading bank, DBS, referred to Ripple network as the cheapest way to send money across borders. One of the biggest Ripple communities on Twitter, @BankXRP, tweeted about the DBS acknowledgment on 21st Aug on its official handle.
Currently, Swift registers 6% error rates in transnational transfers. The fintech is looking forward to a faster and cheaper mechanism and Ripple seems to fit in perfectly. Ripple is evidently taking over the legacy systems in place.
In another recent development, Ripple has partnered with MoneyGram. According to the community Tweet, Ripple’s Senior Vice president of Business and Corporate development has joined MoneyGram’s board of directors. Kahina Van Dyke, Ripple’s SVP will be acting as an observer in MoneyGram.
The news has come out post the Ripple MoneyGram partnership. MoneyGram recently introduced xRapid technology in its international payment processing system.