{"id":59031,"date":"2022-03-21T19:24:50","date_gmt":"2022-03-21T17:24:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59031"},"modified":"2025-09-04T19:48:09","modified_gmt":"2025-09-04T16:48:09","slug":"nab-and-cibc-use-ripple-technology-for-cross-border-payments","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nab-and-cibc-use-ripple-technology-for-cross-border-payments\/","title":{"rendered":"NAB and CIBC Use Ripple Technology for Cross-Border Payments"},"content":{"rendered":"<p>One of Australia&#8217;s largest banks, National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), uses Ripple technology to process international payments.<\/p>\n<p>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&#8217;s Bank Leumi and CIBC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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,&#8221; the press release states.<\/p>\n<\/blockquote>\n<p>The NAB-backed alliance envisages information and innovative strategies, as well as jointly developing products and services.<\/p>\n<p>NAB&#8217;s services are used by <a href=\"https:\/\/www.nab.com.au\/about-us#:~:text=We're%20NAB,Zealand%20and%20around%20the%20world.\">over 8 million<\/a> customers in Australia and around the world, and CIBC serves <a href=\"https:\/\/www.cibc.com\/en\/about-cibc\/corporate-profile\/quick-facts.html#:~:text=Who%20we%20are,States%20and%20around%20the%20world.\">more than 10 million<\/a> people.<\/p>\n<p>Earlier, RippleNet&#8217;s head of platform, Ashish Birla, noted that the company&#8217;s flagship product \u2014 the On-Demand Liquidity (ODL) payments solution \u2014 is close to achieving &#8220;global reach&#8221;.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Ripple Drop: Asheesh Birla Talks ODL in 2021, Liquidity Hub and What's in Store for 2022\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/0m1evDyu6Bg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>Birla said the service operates in 22 markets and the company is &#8220;very pleased&#8221; with the growth pace of RippleNet. In 2021, payment volume on the network exceeded $10 billion.<\/p>\n<p>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.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of Australia&#8217;s largest banks, National Australia Bank (NAB), together with the Canadian Imperial Bank of Commerce (CIBC), uses Ripple technology to process international payments.<\/p>\n","protected":false},"author":1,"featured_media":59032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,112],"class_list":["post-59031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-ripple"],"aioseo_notices":[],"amp_enabled":true,"views":"164","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=59031"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59031\/revisions"}],"predecessor-version":[{"id":59033,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59031\/revisions\/59033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/59032"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=59031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=59031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=59031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}