Australia’s ‘Big Four’ Banks ANZ & Westpac Test Out Ripple Payments / Diana Ngo / 2015-06-09 11:34 AM

Two of Australia’s “big four banks,” Westpac Banking Corporation and the Australia and New Zealand Bank Group (ANZ), are trialing Ripple payments for faster and lower-cost cross-border payments.

Westpac, which is ahead of ANZ in its intention of integrating Ripple, said it is in the early stages of a proof-of-concept where staff members are testing the system by making small international payments to other countries.

Speaking with the Australian Financial Review, Rachel Slade, general manager of global transactional services at Westpac, said that Westpac has been satisfied by the experiment so far noting that integrating Ripple would allow the bank to transfer funds across the world in a faster and cheaper way.

Slade explained:

“The solution we’ve developed is faster than other alternatives in the market today, providing same or next-day payment. This technology could be very beneficial to all Australians, providing a low-cost and fast method of sending low-value payments overseas.”

Moreover, she added that the solution they have created would allow the bank to identify the payment originator of each transaction. This solution, she said, is consistent with bank’s requirements to comply with anti-money laundering and “know your customer” rulings.