How one of the world’s largest banks is turning to Ripple again

Ripple is at the heart of a new cross-border payment service…

One of the largest banks in the world is set to utilise Ripple, as it turns to cryptocurrency for a new payment service that has just been announced.

The MUFG Bank, that describes itself – accurately – as ‘Japan’s premier bank’ (and just happens to be one of the ten largest banks worldwide as well), has revealed that it’s signed a memorandum of understanding with regards a new cross-border payment service. It’s inked the deal with Latin American bank Banco Bradesco, and the two entities are joining forces for the service, that’ll facilitate cross-border payments between Japan and Brazil.

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”.

This an extension of an existing agreement between the two banks, incidentally, that have a history of working together.

It’s also a doubling down on Ripple interest too, something that MUFG has declared before.

What’s not clear as of yet is just when the new payments service will be up and ready for action. But when it arrives, it’ll further strengthen and solidify Ripple’s reputation and standing in the financial industry, and give the crypto world a further foothold.

More news on the new service as we get it. You can find the full text of the official announcement right here, too.

Image: BigStock