CIMB (Commerce International Merchant Bankers) has collaborated with RippleNET to allow cross-border payments within and outside ASEAN countries. This Malaysian Bank Group made it known on Thursday via a publication on its website. The Group revealed that this would bring about faster payments across corridors like Austrailia, UK, USA, and Hong Kong.
Partnership to Enhance Cross-Border Payments
As already stated, this partnership will enable the CIMB group to improve its business when it comes to cross-border payments. This is a payment that uses a solution known as a SpeedSend network. It allows customers to send money to ASEAN countries and also send them from these countries to others. Therefore, it is possible to make payments across borders such as the USA, UK, Australia, and Hong Kong.
Tengku Dato’ Sri Zafrul Aziz, CEO, CIMB Group spoke regarding the partnership between both companies. According to him, the association between both companies makes him delighted. He is also expecting that it will be a fruitful collaboration where they can build on each other’s “strengths and capabilities.”
The CEO also added that;
This innovative blockchain solution will revolutionise international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN.
CIMB Will Extend Its Services to Other Countries
Given the alliance, there are also plans to extend it to other services provided by the Group. It is believed that more financial institutions are looking up to the Blockchain technology in providing solutions. Compared to the general methods employed, this is a technology that is transparent, faster and is more cost-effective.
Brad Garlinghouse, Ripple’s CEO also voiced his opinion concerning the partnership. The CEO said that the Malaysian Bank’s payment network is a remarkable solution, especially in the ASEAN region. He also noted that through the CIMB, 15 countries were able to use their SpeedSend network to make payments.
Swifter Payment Methods Via Collaboration
Now that they’re also employing Ripple’s Blockchain technology, the payment processes involved with be more efficient. Customers will be able to send payments to their family and friends more speedily. This way, CIMB will continue to dominate in ASEAN countries and even in the future.
The CIMB began its services in September 2011, and so far, it has 800 branches spread across ASEAN countries. Using an ID verification and filling of a form, its customers can make outbound and inbound payments in these countries. Either as cash or into a specified bank account, the money can be received instantly.