The Commercial Bank of Ceylon has upgraded the Blockchain-based remittance channel, which the Bank launched in partnership with RippleNet, and expanded this service to South Korea and Middle East through further RippleNet partnerships.
Combank joins RippleNet
In October 2018, Combank, a Sri Lankan commercial bank, joined RippleNet to ensure that remittances would be received instantly with an end-to-end tracing and tracking solution, that the process would be transparent and tamper-proof, and that remittances of lower denominations would be viable due to the lower rates that would apply.
Combank saw many advantages in the technology: It facilitates a simplified experience for customers by offering a straightforward remittances process with the removal of multiple steps in the regular process and it provides the ability to move money on a real-time basis, leading to improved productivity. Moreover, while traditional remittance measures require a third-party that handles the authorization and release of the payment, blockchain removes the requirement for a middleman. This decentralized structure is one of the primary reasons the remittance process happens faster and costs less.
Further RippleNet Partnerships
The Commercial Bank of Ceylon revealed in its 2020 annual report, that it had upgraded the Blockchain-based remittance channel, which the Bank launched in partnership with RippleNet, and expanded this service to South Korea and Middle East through further RippleNet partnerships.
Some of the possible RippleNet members Combank might have partnered with are:
Sentbe, Coinone, Woori Bank, Shinhan Bank (South Korea), BFC (Bahrain), National Bank of Egypt (Egypt), GMT, Worldcom Finance, Leumi (Israel), Boubyan Bank, NBK, KFH, ABK (Kuwait), Bank Dhofar (Oman), QNB (Qatar), SADAD, Al Rajhi Bank, SABB Bank, SAMA, Al Ahli Bank (Saudi Arabia), AKBANK, Kuveyt Türk Bank (Turkey), UAE Exchange, Unimoni, FAB, RAKBANK, NBF, Al Ansari Exchange (UAE).