Note from the CEO: Panic at Wells Fargo (again) has set in since they now realize their stage coach just won’t make it in the new fintech world. Ain’t no way those horses can pull that stage over the Atlantic in 20 seconds. Seriously, an international transfer in mere seconds? Awesome.
Ripple blockchain technology has demonstrated an international payment between a Canadian bank and a German bank that took all of 20 seconds. The group, ATB Financial (Canada) and German bank ReiseBank AG, in conjunction with Ripple Labs and SAP, transferred CAD $1,000 to Germany in mere seconds rather than the usual several working days. This is another demonstration of cross border transactions becoming faster and more efficient.
“German multinational software firm SAP has announced the results of an international cross-border payment using a SAP-developed cloud platform and payment engine while transacting on the Ripple blockchain network. A payment of CAD $1,000 was transferred successfully from Canadian financial institution ATB Financial, to ReiseBank AG, in Germany.
SAP and Ripple engineers worked with a team at ATB Financial to design and build a proof-of-concept prototype in nine working days. The working prototype connects the SAP HANA Cloud platform, an open platform-as-a-service and the SAP payment engine with Ripple’s blockchain network. The successful cross-border transaction was accomplished with mobile user interface provided by SAP, through which the payment was transferred.”