The Mitsubishi UFJ Financial Group (MUFG) is a Japanese holding company of the banking and financial sector. It is headquartered in Tokyo and includes one of the largest banks in the world in terms of assets held. Since March 2017, MUFG and the company Ripple have been cooperating. At that time, the bank joined the ripple steering committee Global Payments Steering Group (GPSG). There are many other big names in this committee, such as Standard Chartered, Bank of America Merrill Lynch, Royal Bank of Canada, UniCredit, Santander and Westpac Banking Corporation.
In one of the XRP trailer Steven Diep found a video of a MUFG employee describes the experience of the bank with Ripple. He also explains what advantages Ripple offers the group. The video states that Ripple is one of the solutions to focus on and that works. At the same time, he explained that the holding company naturally relied on moving large sums of money worldwide. So he stated:
“This is really important for us, because we operate as a group worldwide in more than 50 countries. All these countries have field offices and all field offices run their own operations. We have to move substantial amounts of money daily between all these operations. We also have a large number of multinational companies working everywhere, which requires a lot of liquidity every day. “
In addition, the staff explained that the current transfers were made via SWIFT, costing fees and taking between one and three days to complete. With Ripple a transaction takes on average 30 seconds and is considerably cheaper. Although there are solutions already today, the group always strives to reduce costs and thus increase competitiveness.
Western Union, the financial transfer company, is also reportedly reviewing Ripple's capabilities. For the first time, this was heard in 2015, so it seems to be an in-depth review in any case. The company's last statement on this issue has also been back for some time.
Ripple's other solutions are also making steady progress, as the Platio banking platform reported. Platio wrote on Twitter:
“We have entered into a business partnership with Ripple. We will integrate Ripples xVia to transfer payments. “
In another tweet, user “Shubham” asked the Belgian crypto exchange “Bit4you” about XRP. He tweeted:
“Do you have plans to include XRP as base currency? It's very fast, cheap, transparent and has a transaction time of just 3 seconds. “
“It's part of our planning. We have to start first and then expand the offer. XRP is great! “
Sources: Ripple, Twitter, Bloomberg, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/japanischer-finanzgigant-mitsubishi-ufj-ist-begeistert-von-ripple-xrp/
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