NAB and CIBC Use Ripple Technology for Cross-Border Payments

One of Australia’s largest banks, National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), uses Ripple technology to process international payments.

NAB disclosed this in a statement announcing the formation of an international banking alliance. In addition to the bank itself, the alliance will also include Israel’s Bank Leumi and CIBC.

“We are pleased to work with CIBC and have already collaborated with it on using Ripple blockchain technology to facilitate cross-border payments between our organisations as part of a proof of concept. In our view, this technology has the potential not only to enable real-time international settlements but also to improve the efficiency and security of our payment systems,” the press release states.

The NAB-backed alliance envisages information and innovative strategies, as well as jointly developing products and services.

NAB’s services are used by over 8 million customers in Australia and around the world, and CIBC serves more than 10 million people.

Earlier, RippleNet’s head of platform, Ashish Birla, noted that the company’s flagship product — the On-Demand Liquidity (ODL) payments solution — is close to achieving “global reach”.

Birla said the service operates in 22 markets and the company is “very pleased” with the growth pace of RippleNet. In 2021, payment volume on the network exceeded $10 billion.

In November 2021, Pakistani Bank Alfalah and UAE-based financial-services provider LuLu Exchange formed a partnership to accelerate and increase remittance volumes between the two countries via RippleNet.

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