{"id":33883,"date":"2016-07-20T13:00:43","date_gmt":"2016-07-20T12:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=33883"},"modified":"2016-07-20T12:19:23","modified_gmt":"2016-07-20T11:19:23","slug":"mizuho-financial-the-first-japanese-bank-to-implement-ripple","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/mizuho-financial-the-first-japanese-bank-to-implement-ripple\/","title":{"rendered":"Mizuho Partners with Ripple for Cross-Currency Settlements"},"content":{"rendered":"

Financial service company Mizuho Financial Group (NYSE:MFG)<\/a>\u00a0has confirmed partnering with Ripple Labs to\u00a0try\u00a0out the latter’s blockchain-based solution for cross-currency settlements.<\/p>\n

The Japan-based finance giant, which is also a\u00a0part of the\u00a0R3<\/a> led international banking consortium,\u00a0plans to utilize Ripple Protocol’s proprietary blockchain protocol – known as\u00a0Ripple –\u00a0to\u00a0implement speedy and cheap cross-border\u00a0settlements.<\/p>\n

SBI Holdings<\/a>\u00a0(TYO:8473)<\/a>, another Japanese financial services company, also\u00a0plays an integral role in the aforementioned deployment\u00a0following its joint-venture partnership with Ripple Labs this year. Mizuho, therefore, will be able to expand its blockchain-based operations throughout Asia\u00a0by utilizing SBI’s presence in the territory.<\/p>\n

Unlike other blockchain based solutions available in the market, Ripple allows banks to have more control over their applications making it a favorite. The SBI Holdings partnership has now given Ripple access to the high-volume region for trade and remittance payments, states Ripple<\/a>. SBI Holdings’ wide presence in over 20 countries including China, South Korea, and other ASEAN countries will help Ripple leverage upon the partnership to enter new markets.<\/p>\n

Ripple recently added 7 new banks to the network. The banks – Santander (NYSE:SAN)<\/a>, UniCredit (BIT:UCG)<\/a>, UBS (NYSE:UBS)<\/a>, ReiseBank, CIBC (NYSE:CM)<\/a>, National Bank of Abu Dhabi and ATB Financial will also be using the blockchain solution for cross-border payments.<\/p>\n

Chris Larsen, the CEO of Ripple<\/a> believes that the platform has reached a tipping point.\u00a0 Financial institutions are moving beyond blockchain experimentation and projects to real-world applications that are driving significant bank-to-bank volume.\u00a0 This major transformation in the financial system combined with the growth of Ripple network paves the way for new connected commerce opportunities and growing demands for real-time, high volume, low-value global payments.<\/p>\n

Ripple is gaining ground in the growing distributed fintech ecosystem as Ethereum, the well-known smart contracts platform catches up with it.<\/p>\n

Ref<\/strong>: Ripple Blog<\/a><\/em> | Image<\/strong>: Ripple Logo<\/em><\/pre>\n","protected":false},"excerpt":{"rendered":"
Financial service company Mizuho Financial Group (NYSE:MFG)\u00a0has confirmed partnering with Ripple Labs to\u00a0try\u00a0out the latter’s blockchain-based solution for cross-currency settlements. The Japan-based finance giant, which is also a\u00a0part of the\u00a0R3 led international banking consortium,\u00a0plans to utilize Ripple Protocol’s proprietary blockchain protocol – known as\u00a0Ripple –\u00a0to\u00a0implement speedy and cheap cross-border\u00a0settlements. SBI Holdings\u00a0(TYO:8473), another Japanese financial services company, also\u00a0plays an integral role in the aforementioned deployment\u00a0following its joint-venture partnership with Ripple Labs this year. Mizuho, therefore, will be able to expand its blockchain-based operations throughout Asia\u00a0by utilizing SBI’s presence in the territory. Unlike other blockchain based solutions available in the market, Ripple allows banks to have more control over their applications making it a favorite. The SBI Holdings partnership has now given Ripple access to the high-volume region for trade and remittance payments, states Ripple. SBI Holdings’ wide presence in over 20 countries including China, South Korea, and other ASEAN countries will help Ripple leverage upon the partnership to enter new markets. Ripple recently added 7 new banks to the network. The banks – Santander (NYSE:SAN), UniCredit (BIT:UCG), UBS (NYSE:UBS), ReiseBank, CIBC (NYSE:CM), National Bank of Abu Dhabi and ATB Financial will also be using the blockchain solution for cross-border payments. Chris Larsen, the CEO of Ripple believes that the platform has reached a tipping point.\u00a0 Financial institutions are moving beyond blockchain experimentation and projects to real-world applications that are driving significant bank-to-bank volume.\u00a0 This major transformation in the financial system combined with the growth of Ripple network paves the way for new connected commerce opportunities and growing demands for real-time, high volume, low-value global payments. Ripple is gaining ground in the growing distributed fintech ecosystem as Ethereum, the well-known smart contracts platform catches up with it. Ref: Ripple Blog | Image: Ripple Logo<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[5653,1020,5677,2060,9097,11,3680,7909],"class_list":["post-33883","post","type-post","status-publish","format-standard","hentry","category-news","tag-bitcoin-news","tag-blockchain","tag-blockchain-technology","tag-fintech","tag-mizuho-financial","tag-news","tag-ripple","tag-sbi-holdings"],"acf":[],"yoast_head":"\nMizuho Partners with Ripple for Cross-Currency Settlements<\/title>\n<meta name=\"description\" content=\"Mizuho Financial to start trials of its new blockchain based Ripple application for cross-currency settlements. Read more...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/mizuho-financial-the-first-japanese-bank-to-implement-ripple\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mizuho Partners with Ripple for Cross-Currency Settlements\" \/>\n<meta property=\"og:description\" content=\"Mizuho Financial to start trials of its new blockchain based Ripple application for cross-currency settlements. 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