On 15th August, Cargills Bank Limited, a notable commercial bank in Sri Lanka announced their collaboration with Ripple, a prominent payment provider. The partnership was decided upon to enable cross-border inward remittances to Sri Lanka using RippleNet. Cargills Bank has also decided to adopt xCurrent, Ripple’s enterprise software solution to ensure that cross-border transactions are safe and secure.
RippleNet was founded in 2015 when Ripple and an advisory board consisting of transaction bankers decided to create a framework that would guarantee operational consistency and legal clarity for every transaction. Through a single agreement, users can make transactions with anyone using RippleNet. The functional standards, payment rules that have been set and the industry-led governance guarantee a consistent payment experience.
Cargills Bank Limited operates as an off-shore as well as a domestic banking business in Sri Lanka. Cargills Bank sees RippleNet as a remittance agency that would soon allow for a payment network solution for the entire country.
The COO of Cargills Bank, Rohan Muttiah, said:
“We use technology to make Banking and payments simple, convenient, and accessible. Joining RippleNet allows Remittance Agents and Banks to leapfrog sources of friction and complexity in Inward Remittances while offering beneficiaries’ unparalleled access to their funds through Cargills Food City supermarkets.
He further added:
“With our practical use of Blockchain from a globally recognized brand such as Ripple, we have once again demonstrated the judicious use of technology to underpin a strong business case.”
Naveen Gupta, the Managing Director, South Asia, and MENA at Ripple said:
“We understand how important remittance payments are to families that rely on them for necessities. Working with Cargills Bank will allow us to connect Sri Lanka to a financial system where remittance payments get to people faster and at a lower cost than ever before.”
Redditor named DoubleEko commented:
“Sri Lanka is right in the doorstep of India. Seems Ripple are building the network South Asia as well. Super stuff!”
Ripple578, another Redditor added:
“Think of it this way… xCurrent is laying down the tracks for the XRP train.”
Another Reddit user said:
“Damn. No xRapid yet.”