current international payment processes, including remittances and foreign exchange transactions, are slow and expensive, particularly across currencies and national boundaries. A blockchain application could solve some of these issues, by using digital tokens or currencies.current international payment processes, including remittances and foreign exchange transactions, are slow and expensive, particularly across currencies and national boundaries. A blockchain application could solve some of these issues, by using digital tokens or currencies.– Blockchain start-up Ripple (unrated) is actively developing enterprise blockchain solutions for international payments. It created a payment protocol and exchange network with a much faster consensus method than the bitcoin blockchain and introduced its own cryptocurrency, the ‘XRP’. In June 2016 Ripple received a virtual currency license in New York.– Many different large global banks started partnerships with Ripple to improve cross-border payment systems. To date ithas partnered with 12 of the top 50 global banks and has completed over 30 bank blockchain projects. Santander UK (Aa3 Negative/A1 Stable, a3), for example, is testing a new payment app with 6,000 of its staff that enables next-day transfers between the UK and 21 countries.– Also, three major Australian banks are testing Ripple’s payment technology. Australia and New Zealand Banking Grp.Ltd. (ANZ, Aa2/Aa2 Stable, a1) and Westpac Banking Corporation (Aa2/Aa2 Stable, a1) focus on payment tracking, and Commonwealth Bank of Australia (Aa2/Aa2 Stable, a1) on payment settlement between its different subsidiaries globally.

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