South-East Asia’s leading bank, DBS, referred to Ripple network as the cheapest way to send money across borders. One of the biggest Ripple communities on Twitter, @BankXRP, tweeted about the DBS acknowledgment on 21st Aug on its official handle.
Treasury Prism is the online treasury and cash management simulation platform of DBS. The official website of Treasury prism mentions Ripple as the cheapest route for cross-border payments. As per its Treasury Concepts, Ripple also stands as the cheaper option out of SWIFT and ACH. In the same document, DBS mentions Ripple as the right disruption for the fintech to aid low-cost cross-border payments.
Currently, Swift registers 6% error rates in transnational transfers. The fintech is looking forward to a faster and cheaper mechanism and Ripple seems to fit in perfectly. Ripple is evidently taking over the legacy systems in place.
In another recent development, Ripple has partnered with MoneyGram. According to the community Tweet, Ripple’s Senior Vice president of Business and Corporate development has joined MoneyGram’s board of directors. Kahina Van Dyke, Ripple’s SVP will be acting as an observer in MoneyGram.
The news has come out post the Ripple MoneyGram partnership. MoneyGram recently introduced xRapid technology in its international payment processing system.