Ripple Gets Another Win As Major DBS Bank Of South-East Asia Tags Ripple As The Cheapest Payment Settlement Method

Ripple News Today – Ripple has always made its case to become the gold standard for international payment settlement across the globe. Over the years, the company has been able to partner with some of the biggest financial institutions across the globe bringing it closer to making its dream a reality. According to the latest Ripple News, one of the largest banks in South-East Asia has tagged Ripple as the cheapest and fastest settlement system for international transactions.

Ripple News Today – Ripple Latest Update – Cryptocurrency Payment Update – Ripple Is The Cheapest Option For Cross Border Settlement

On Wednesday, DBS Bank mentioned Ripple in a post where it stated that the Ripple blockchain protocol was the cheapest for international settlement at this time. The good news about Ripple was posted by one of the prominent members of the XRP community, @BankXRP. In his words;

“DBS bank mentions Ripple as the cheapest option for Lowest cost routing

🔹SWIFT/ Telegraphic transfer: most expensive

🔹Cross-border ACH: cheaper

🧿Ripple: Cheapest.”

The fact that DBS Bank acknowledged Ripple is a big deal as it is one of the most reputable financial institutions in South-East Asia. The bank, which was founded in the 60s, had a yearly revenue of $10 billion and $340 million in assets.

The bank released a document comparing various methods for international settlement and stating that Ripple is the fastest and cheapest one. This is just one of the many acknowledgments Ripple has gotten from leading financial institutions across the globe. You’ll recall that the World Bank, and IMF have also acknowledged Ripple’s protocol proving that the company is doing something right even if the XRP token isn’t doing so well at the moment.

Ripple News Today – XRP News Today – Ripple Latest Update – Ripple Continues To Expand

Last month, Ripple announced a partnership with global international remittance firm, MoneyGram. Shortly after the announcement was made, MoneyGram shares surged significantly. Now, the company has assigned its head of SVP Business, Kahina Van Dyke to the MoneyGram board of directors where he will act as an observer.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.272
-1.10%

By using Ripple’s xRapid, MoneyGram proves that it recognizes the efficiency of blockchain technology. This will increase the adoption of Ripple’s xRapid and in extension, XRP. More international payment firms may be propelled to test Ripple’s xRapid. Hopefully, this will encourage a surge in the price of XRP.

XRP could use a significant boost as the price of the token has been struggling ever since it lost last year’s support at $0.30. It is currently hovering around $0.265 but trading higher against the USD and Bitcoin.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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