August 15, Cargills Bank Limited, a well-known commercial Bank in Sri Lanka, announced its partnership with Ripple, supplier payments. It was agreed that the partnership will improve the system of internal money transfers in Sri Lanka using RippleNet. Cargills Bank also decided to adopt an enterprise software solution xCurrent to ensure the safety of cross-border payments.
RippleNet was founded in 2015, when the Ripple and the Advisory Council consisting of bankers, decided to create a structure that would ensure operational consistency and legal clarity for each transaction. In the framework of a single agreement users can make transactions with anyone using RippleNet.
Cargills Bank Limited operates as an offshore and domestic banking business in Sri Lanka. Cargills Bank sees RippleNet as an agent for remittances, which will soon provide a solution to the payment network for the whole country.
The Bank Cargills is committed to the development due to the Ripple
The chief administrator of the Bank Cargills, Rohan, Mutia, said that the company was trying to use advanced technologies to make banking transactions and payments simple, convenient and affordable. Joining RippleNet can provide many new opportunities.