09 February 2016

Fidor to use Ripple to speed money transfers

06 May 2014  |  7753 views  |  0 Man pointing on world Icon

Germany's Fidor Bank is to become the first the bank in the world to utilise the Ripple protocol for sending real-time money transfers.

San Francisco-based Ripple offers a decentralised order book relying on open-source peer-to-peer payment protocols to speed the transfer of financial information.

Fidor plans to use the Ripple network to provide customers with faster and more affordable money transfer services while deploying the protocol's real-time settlement functionality to streamline inter-bank payments between branches and with other financial institutions as they come online.

"Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same customer facing products and relationships we offer today," says Matthias Kröner, CEO of Fidor Bank. "With Ripple, we can deliver a superior banking experience at a fraction of the time and cost traditionally expected of a financial institution."

He says the company will officially launch Ripple integration later this year.

Speaking at the Finextra Future Money conference last week, Fidor investor Udayan Goyal of Anthemis Group forecast that applications like Ripple pose a credible threat to the long-term future of traditional payment networks such as Swift, by allowing banks to to seamlessly transact with other institutions without the need for correspondent banks, fees, time delays or additional integration work.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

05 March, 2014
07 November, 2013
09 October, 2013
02 February, 2011

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
11635 views comments | 51 tweets | 44 linkedin
Digital transformation driving earnings at...
10074 views comments | 48 tweets | 40 linkedin
Visa opens up to developers
8230 views comments | 23 tweets | 41 linkedin
ECB eyes up European P2P payments
8072 views comments | 29 tweets | 39 linkedin
It may take ten years, but blockchain tech...
6914 views comments | 21 tweets | 19 linkedin

Featured job

Paris (France) or Brussels (Belgium)

Find your next job