Commonwealth Bank of Australia to integrate Ripple payments soon

Now Accepting | June 2, 2015 By:

On Wednesday, May 27, The Commonwealth Bank of Australia (CBA) announced plans to begin using the Ripple network to settle payments between its subsidiaries soon.

David Whiteing, CBA chief information officer, said “Bitcoin is a protocol which is now being replicated by non-asset based vendors like Ripple and others. We absolutely see that’s where it’s going to go. The bank has a role to play in that.”

CBA added, that the bank has been experimenting with Ripple and added that Commonwealth Bank will continue to test “crypto protocols” and soon “begin a wider experiment with one of our offshore subsidiaries to explore the benefits of interbank transfers using these protocols.

The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom.