Specifically, this initiative has been finalized when the Bank Asia logo was spotted in a Ripple document on February 10th, standing with other big names, nominally Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB and SBI Group.
Khandaker Mujahidul – head of foreign remittances for the Bank Asia – has reportedly been put in charge of the integration work for the bank’s system, with Ripple’s cross border transaction tool – xCurrent – starting March 2 years ago.
“To connect the Bank into the Ripple network where numbers of banks and MSBs are connected. End result is a blockchain based network facilitating real time remittance transfers.” Mujahidul’s professional LinkedIn reads.
Ripple’s financial infrastructure has been chosen by numerous institutions, especially in the banking sector, with the recent development being The National Bank of Egypt entering a strategic collaboration with Ripple, via a cooperation agreement, to look for a tool that helps enhance inward remittances.