Blockchain technology is finally transitioning from experiment to usability concept in the financial world. SAP, one of the largest networks in the industry, partnered with ATB Financial, Ripple Labs, and ReiseBank AG to send an international blockchain payment. Transferring funds from Canada to Germany was a breeze, and the cost was minimal compared to traditional means.
Collaboration is a key component of making blockchain efforts a global success. With parties representing different continents, this cross-border payment transfer using blockchain technology was completed successfully. In total, ATB Financial transferred CA$1,000 to ReiseBank AG. The network used for this transaction is built on top of SAP and has elements of Ripple’s pioneering network of enterprise blockchain solutions.
Ripple Blockchain and SAP Are A Potent Combination
Instead of taking between two and six business days, the transfers was completed in 20 seconds. This is quite a significant gain in transaction time, and one of the clear examples of how powerful the blockchain is. This disruptive technology removes the need for settling with counterparty banks and recording accounts.
ABT Financial COO Curtis Stange told the media: