- Cargills Bank Limited will use Ripple xCurrent to enable cross-border payments to Sri Lanka
- Officials expect partnership to streamline remittances and remove obstacles for fast, easy international money transfers
- Move is latest by Cargills to improve accessibility and inclusion in banking nation-wide
Cargills Bank Limited has just announced a partnership with Ripple to use cryptocurrency to facilitate cross-border payments. Cargills will integrate with the xCurrent blockchain to allow users to make safer, faster international payments.
In joining RippleNet and embracing blockchain solutions, Cargills Bank expects remittance agents and traditional financial institutions to also get on board with Ripple’s cryptocurrency in order to build a stronger remittance network across Sri Lanka.
According to Rohan Muttiah, COO at Cargills Bank, the benefits to customers will be numerous.
“We use technology to make banking and payments simple, convenient and accessible. Joining RippleNet allows remittance agents and banks to leap frog sources of friction and complexity in inward remittances, while offering beneficiaries unparalleled access to their funds through Cargills Food City supermarkets. With our practical use of blockchain from a globally recognized brand such as Ripple, we have once again demonstrated judicious use of technology to underpin a strong business case,” said Muttiah.
Ripple’s Managing Director South Asia and MENA, Navin Gupta, believes the partnership with Cargills will improve access to funds for people throughout the region. Gupta went on to say that Ripple appreciates how crucial remittance and foreign transfers are to families who rely on them for essentials. The partnership with Cargills Bank enables Ripple to connect Sri Lanka with a monetary system whereby money transfers are received by people much faster and at a fraction of the cost, he claimed.
Remittances to Sri Lanka topped USD $580m in May 2018, and the country receives roughly USD $7bn in inbound remittances annually.
For more information on the best way to send remittances anywhere in the world, read our comprehensive international payments guide here.
