In an official press release issued by the MUFG on November 9, 2018, Japan’s largest bank signed an agreement with Sao Paulo-based Banco Bradesco, a leading universal bank in Latin America, a Memorandum of Understanding To Develop A New Cross-Border Payment Service as part of a joint effort between MUFG and Bradesco.
What’s more, Ripple is a key ingredient in the new deal. The payments system being worked is being developed by Ripple, and, as per the official announcement, “will assist the banks as they work towards commercializing a high-speed, transparent and traceable cross-border payments system”.
According to MUFG, both parties trust that Ripple Inc, the creator of the XRP is the best option to give life to the project:
“Through this MOU, MUFG Bank has decided to start the collaborative development for cross-border payments between Japan and Brazil, utilizing Ripple’s cutting-edge technology. The new payment system – developed by Ripple, a San Francisco-based software vendor – will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil”.
For Ripple, the news is yet another case of the company’s rising stock in the banking industry. Banco Bradesco S.A. has more 5,300 branches with over 38,000 ATMs. Ripple also published a tweet announcing the news of its technology in the partnership between both banks.
To showcase the potential of Ripple’s technology, TransferGo says it’s launching free money transfers between Europe and India, powered by Ripple.
For all of these impressive adoption cases, many observers say banks need to start using the XRP cryptocurrency to create greater utility for Ripple.