Ripple is Distinctly Cost Effective Says Mitsubishi UFJ Financial Group
Ripple xVia and xCurrent technology powered in part by the Ripple XRP token has been praised by CEO of the largest bank in Japan.
Mitsubishi UFJ (MUFJ) Financial Group has praised Ripple as being a very cost effective and functional virtual currency.
Ripple is one of the most known cryptocurrencies, owing largely to its payment solutions which have become very popular among Fintechs around the world.
Mitsubishi UFJ chooses Ripple
Mitsubishi UFJ Financial Group is one of the biggest banks in the world, and the bank has shown immense support for cryptocurrencies, particularly Ripple.
MUFJ, the biggest bank in Japan, and the fifth largest in the world which boasts of over $2.7 trillion in assets began partnering with Ripple last year.
The bank has generally been positive about Ripple, the bank believes that the blockchain based project makes transactions easier, faster, and cheaper.
According to the company, Ripple’s already popular payment solutions (xVia, and xCurrent) are exceptional products and are going to change the way money is being transferred around the world.
Nobuyuki Hirano, the MUFG CEO has previously stated that Ripple is among the solutions the bank is testing, and the blockchain of Ripple is the one that works.
MUFJ and Ripple partnership
The MUFJ – Ripple partnership has come a long way since last year. The Mitsubishi UFJ had announced earlier this year that the bank aims of testing a propriety cryptocurrency by next year.
According to the bank, it may use Ripple’s technology in achieving its primary objective which is, to reveal its token to the public and to use it as a means of payment.
The CEO of MUFJ in speaking on his firm’s involvement with Ripple told global money transactions:
“Why this really matters to us, we operate in more than 50 countries as banks around the world, so, more than 50 countries have branches and operations, and we have to move money between all those operations every day in a significant amount of money. We got some multinational corporates that operate all across, so there is huge liquidity occurring every day.”
Ripple’s tech is ‘time-saving’
Ripple’s payment solutions have found use companies like Royal Bank of Canada, Western Union, Westpac Banking corp., Standard Chartered and Steering Group, with many others hinting at joining the train.
The CEO of MUFG has explained how Ripple and its technology have been offering great solutions in sending money worldwide, saving time wasted in traditional banking systems and also without exorbitant costs.
Similarly, an excerpt from a conference published by Steven Diep, a representative of Mitsubishi UFJ Financial Group praises Ripple technologies, and how it provides better results compared to other alternatives such as SWIFT.
Steven Diep wrote:
“Today, for many of us, we may have to go through SWIFT and encounter charges; many intermediary banks are part of that, and typically an SLA for fund transfer or movement is between one and three days. Using techonology such as Ripple, we can get that done to something like 30 seconds, which is significantly different and at a cheaper cost as well in terms of moving money between our branches, between our different countrys within our network. That’s really important to us”
Nobuyuki Hirano has also talked about how Ripple helped one of their companies in diverse ways, in which, the group’s company succeeded in actualizing an Interledger payment with Ripple blockchain last year.