Westpac and ANZ to test Ripple payments

Announcements | June 11, 2015 By:

Westpac Banking Corporation and the Australia and New Zealand Banking Group announced that they have joined Commonwealth Bank of Australia in testing out payment technology from US-based company Ripple Labs.

Westpac is further along than ANZ in its plans for using Ripple, the company said it is in the early stages of a proof of concept using the Ripple network, in which staff are making low-value international payments to two other countries.

“The solution we’ve developed is faster than other alternatives in the market today, providing same or next-day payment. This technology could be very beneficial to all Australians, providing a low-cost and fast method of sending low-value payments overseas,” said Westpac’s general manager of global transactional services Rachel Slade.

ANZ, meanwhile, said it has had a number of constructive conversations with Ripple and is in the process of investigating the potential benefits the model could offer its customers.

Westpac is an Australian bank and financial-services provider. The Australia and New Zealand Banking Group Limited, commonly called ANZ, is the third largest bank by market capitalisation in Australia.