Today, the Ripple team announced a strategic partnership with Itaú Unibanco, one of the biggest banks in Latin America, to use their exclusive xCurrent solution for across border payments.
xCurrent is Ripple’s software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles.
This announcement adds to other partnerships that the Ripple team has made with other banks. The Ripple technology is already being used by SCB Bank and by ANKBANK in Asia. The users of this technology will benefit from faster payments, near instant confirmations and lower fees.
This year, Ripple has been in the eye of the financial institutions, being the preferred blockchain technology for bank operations across borders. Even Western Union announced that it was testing its use in their operations. To know more about Ripple xCurrent tech, visit their official website here.