Tien Phong Commercial Joint Stock Bank (TPBank), one of the leading digital transformation banks in the Vietnamese banking industry, has partnered with RippleNet to drive global payment between Vietnam and the world.
RippleNet will be used by TPBank to successfully deploy blockchain technology for cross-border money transfers between Vietnam and Japan.
So, instead of getting stuck for several to complete a transaction of funds from Japan to Vietnam, transactions will now take minutes to settle, using RippleNet.
According to the report, RippleNet will enable TPBank to provide its customers with a simple, transparent, and fast way of sending money in and out of Vietnam.
The CEO of CEO Nguyen Hung said,
“By joining RippleNet, remittance transactions from abroad to TPBank will be faster, while ensuring safety and transparency, cash flows will still be legally transferred via foreign banks to Vietnam.”
According to Ripple, the cross-border payment tech that oversees the distribution of XRP, TPbank and RippleNet got connected in 2019. TPBank now processes billions of Japanese Yen per month from Japan to Vietnam, via RippleNet.
Also, the fact that TPBank is part of RippleNet is helping the bank to open new remittance corridors and expand its services to more countries that have Vietnamese migrants in numbers.
So, with RippleNet, TPBank’s customers can now enjoy more transparent, faster, and cheaper cross-border payments.
Nguyen Hung said,
“This takes high priority for SME customers of TPBank because taking advantage of RippleNet with real-time transfers and 24/7 transaction processing, SME customers will save time, minimize costs, reduce risk management and release the necessary capital that can be used to further develop their business.”
Now that TPBank’s network is growing via RippleNet, the bank can make the entire cross-border payment chain a seamless experience for its customers and partners, which showcases the capability of Ripple’s payment technology.