The Canadian Imperial Bank of Commerce (CIBC), one of two Big Five banks founded in Toronto, has signed an agreement with the National Australia Bank (NAB) to form an international banking alliance based on Ripple's blockchain technology. NAB said in a press release that Ripple's technology was used as a proof of concept for international payments transfers.
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"We believe that the technology has the potential to not only deliver real time international payments, but also improved security and efficiency of our payments systems, so this is an important piece of work," said NAB Executive General Manager NAB Labs Jonathan Davey.
Davey did not explain though how exactly Ripple helped the two banks to conduct the pilot of banking transfers, but noted that Ripple's technology has the potential to not only deliver real time international payments, but also "improved security and efficiency of our payments systems, so this is an important piece of work."
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