New liquidity corridor for XRP in the works – biggest Scandinavian bank Nordea rumored to cooperate with Ripple

According to an article by a finnish website Kauppalehti, CEO of Nordea has mentioned a potential cooperation with R3, Ripple partner and provider of Corda, an open source software, which is their attempt to provide a DLT solution for the demands of the members of the R3 consortium (mostly banks, some technology corporations, and some regulators).

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With the help of Google translator, we managed to get the gist of the article:

“However, major changes are anticipated on the payer side. Information is already flowing in the world for seconds now, but thousands of billions of billions of dollars are slow. Bank transfer from Helsinki to New York costs extra and still takes days. “Payments are, of course, the greatest potential, the volumes are the biggest,” von Koskull stresses.

The Temenos system will be compatible with faster and cheaper payment solutions based on block technology. They are challenging the decades of banking SWIFT payment system. One of these is the American company Ripple’s technology. The Cryptovaluation created by the company acts as a bridge in cross-currency transfers and eliminates the need for inter-bank so-called backlogs. Ripple promises banks savings of up to 60 percent.

“Ripple has already launched its own technology, which is being introduced in Japan. Everything is done in co-operation with banks, such as the R3 consortium. It is of enormous importance to us. ”

Since 2015, Nordea has been involved in an international network run by an American company R3. Also included are Citi, Deutsche Bank, HSBC and Goldman Sachs and Finland OP. R3, which co-operates with Ripple, has a stock option in billions of units for Ripple xrp-cryptographic currencies.”

Ripple community is hopeful this news will revive the potential collabortion of Ripple with Temenos, provider of software for banking and finance that serves over 3,000 firms globally, including 41 of the top 50 banks. Temenos is already using Ripple, however not the XRP token. With both Temenos and SAP using Ripple it’s super bullish long term all it comes down to is when XRP will be used as well.

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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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