Earlier this week, the banking-world got introduced to the news that The Commercial Bank of Ceylon, had agreed to partner with RippleNet, a global settlement platform leveraging Ripple’s Blockchain technology that enables both inward and outward blockchain technology-powered settlements to take place. These inward and regulator accepted outward blockchain transfers are virtually instant and super secure.
By partnering with RippleNet, The Commercial Bank of Ceylon guarantees payments get done and received promptly by their customers with an end-to-end tracing and tracking solution. The whole process of transferring payments is completed in a transparent and tamper-proof manner that also allow the transfer of lower monies that are reasonable due to the low charge rates that are associated with them, the Bank’s management disclosed.
Ripple blockchain technology allows users to have a simplified and seamlessly experience by offering a straightforward payment settlement process; thanks to the removal of numerous steps in the systematic process. Blockchain technology has also made it easy to move funds on a real-time basis, contributing to improved productivity.
Also, while traditional money transfer regulations require a third-party to handle the authorization and release of payments, Ripple blockchain tech removes this middleman requirement that consumes time. Blockchain’s decentralized structure is one of the core reasons why the money transfer process takes place at super-fast speeds while costing less.
Worth noting, the Ripple technology possesses attributes that prevent any unauthorized entity from accessing the payment data and is additionally equipped with an anti-fraud attribute that makes it cumbersome for hackers to gain access into transactions.
Thanks to its advanced technology, the Ripple network links banks, payment providers, and financial institutions ensuring users enjoy a seamless experience in sending and receiving money globally.
Back to ComBank, The Commercial Bank is one of the significant financial players in Sri Lanka in the area of money transfer, offering customers a wide range of services. Some of the services they provide include ‘e-Exchange,’ which happens to be the bank’s own advanced real-time online currency transfer service rivaling other giant providers such as Ria, Express Money, and MoneyGram in the country.
Following Ripple’s backbone technology, the blockchain is positioned to bring innovation in the area of cross-border money transfers given that The Commercial Bank is going to implement this its services in Sri Lanka. Other financial players are also warming up to the idea of partnering with RippleNet.
To those who do not know, one of the core strengths associated with The Commercial Bank is its island-wide network that is comprised of 263 branches, many of which operate even during public, mercantile, and bank holidays in Sri Lanka.
Receivers of money transfers sent to the Bank enjoy multiple benefits such as steadfast customer care services for money transfers and SMS alerts facilities once funds are received and are ready to be disbursed. Other benefits include over 50-holiday banking centers and hypermarket counters.
Ripple’s partnership with The Commercial Bank is not a little fete, as the bank is the only Sri Lankan financial institution to be rated among the leading 1000 banks globally for eight consecutive years straight. ComBank has won over 50 local and international awards from 2016 to date.
ComBank influence seems to be international as it overseas operations that incorporate Bangladesh, where the financial institution run 19 outlets. In Myanmar, the bank has a representative office in Yangon and the Maldives; the bank has a fully committed Tier I Bank that enjoys a majority stake. ComBank also has Microfinance business in Nay PyiTaw, and in Italy, the Bank operates its money remittance service.
It is without a doubt that the partnership between Ripple and ComBank will be beneficial to both parties as they both bring a lot of goodies on the table. It is a space worth watching.
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