Combank Ties up With Ripple for Blockchain-powered Remittance System

Oct 25, 2018 at 20:52

The Commercial Bank of Ceylon has tapped Ripple in a bid to upgrade its remittance system to be faster and more secure.

“Joining RippleNet ensures that remittances are received instantly with an end-to-end tracing and tracking solution, that the process is transparent and tamper-proof, and that remittances of lower denominations are viable due to the lower rates that apply,” the Sri Lanka-based bank said in a statement.

“Ripple’s technology will bring innovation to fundamentals of international remittances since the Bank will apply this service in Sri Lanka and well as to other overseas market where it has a presence,” it added.

The bank has some 263 outlets across the island. It tops in Sri Lanka as having the most number of ATMs, about 782, in its network.

Commercial Bank’s has operations overseas namely in Bangladesh, Myanmar, the Maldives and Italy.

The Commercial Bank of Ceylon also recognized Ripple’s solution as cutting down payment steps for a simplified process while also doing away with middlemen who handles authorization and release of the payment.

In all, the bank sees the Ripple technology as boosting productivity and easing transactions at a minimal cost.

The bank’s most advanced and upgraded system to date is its so-called ‘e-Exchange’ real-time online money transfer service. Its other popular remittance facilities include MoneyGram, Ria and Express Money.

The Commercial Bank of Ceylon is tagged the only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively.