Cargills Bank Limited will join RippleNet to facilitate cross-border inward remittances to Sri Lanka.
Cargills Bank will use xCurrent, Ripple’s blockchain based enterprise software solution, to enable safe and secure cross-border transactions. Payment settlement by Remittance Agents to Cargills Bank will be through existing methods.
By joining RippleNet, Cargills Bank sees an irresistible reason for remittance agencies and banks to also join Ripple and link with Cargills Bank to leverage a country-wide payout network.
Rohan Muttiah, Chief Operating Officer, Cargills Bank Bank said, “We use technology to make Banking and payments simple, convenient, and accessible. Joining RippleNet allows Remittance Agents and Banks to leap frog sources of friction and complexity in Inward Remittances, while offering beneficiaries unparalleled access to their funds through Cargills Food City supermarkets. With our practical use of Blockchain from a globally recognised brand such as Ripple, we have once again demonstrated judicious use of technology to underpin a strong business case,” added COO Muttiah.
Navin Gupta, Managing Director South Asia and MENA, 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”.
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