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Blockchain startup Ripple adds 10 more financial institutions to network

Ripple, a distributed ledger technology provider, has announced the addition of 10 new members to its growing global network.

The financial institutions joining Ripple’s network include some of the world’s largest banks, innovative smaller banks, and payment service providers (PSPs). These include MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union, and eZforex.com.

“The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating,” said Ripple CEO Brad Garlinghouse. “People know Ripple is the only blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”

Ripple said that these ten customers are now among the most forward-thinking financial institutions around the world – committed to moving beyond the sandbox. They have started using Ripple’s enterprise blockchain solution to move real money around the world.

BBVA, one of the top 50 largest banks in the world, is using Ripple to enable real-time payments between Europe and Mexico. On the other hand, Akbank, is the first bank in Turkey to adopt blockchain and is a model for other banks who want to make faster cross-border payments without the need for correspondents.

“We are excited and happy to be the first bank in Turkey to take the important step of using blockchain technology for international money transfer services. We believe that this new phase in technology will increase speed and transparency for our customers while at the same time reducing costs and providing a higher quality of service”, Tolga Ulutaş, Executive Vice President in charge of Akbank Direct Banking.

Furthermore, Star One is the first credit union to offer Ripple remittances to customers via eZforex.com, while Cambridge Global Payments and Earthport are collaborating with Ripple to improve the customer experience, increase the reach, and reduce the cost of real-time cross-border payments.

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