Swedish Bank SEB starts using Ripple [XRP], puts customers on platform

The renowned Swedish Bank SEB is starting to use the renowned blockchain-based global payment services provider, Ripple Foundation’s products. The bank is using the widely used xRapid and the cryptocurrency Ripple [XRP] to facilitate cross-border overseas transactions between Sweden and the United States. SEB is one of the most well-known names in the Nordic region when it comes to financing.

More about SEB using Ripple [XRP] and xRapid

At the SIBOS organized this year at Sydney by SWIFT, Paula da Silva, the Head of Transaction Services at SEB spoke about this. In an interview with Joy Macknight from The Banker, da Silva talked about the payment infrastructure in place for the leading Nordic Banking giant.

SIBOS 2018 is one of the most renowned yearly banking and financial summit organized by the Society for Worldwide Interbank Financial Telecommunication globally in many metropolitan cities.

Paula da Silva stated this when asked about their collaboration with the Ripple Foundation. She said: “Last year there was only one customer on it. Now we have ALL SEB customers doing inter-company transfers between Sweden and the US on the Ripple platform“. da Silva spoke on the current infrastructure in place that uses Ripple Foundation’s XRP and xRapid. This infrastructure helps the Swedish Bank make overseas payments from Sweden to the United States.

Furthermore, da Silva also stated the current usage of the infrastructure in use. “So we have a couple of billion going through that. We are now trying to understand how that goes and what we will need to make it happen even better. Also in the future, exploring what could be the next step… it is really exciting.”

Marcus Treacher, the Global Head of Strategic Accounts at the Ripple Foundation tweeted showing support to the collaboration. “We’re really proud to be working with Paula and her team at SEB. Super results from a great customer and Ripple partner. #internetofvalue“.