SEB, a leading Nordic financial services group, has praised the instant (2 seconds) cross-border remittance service offered by Ripple, saying it now has all its customers on the platform.
In a side conversation with The Banker’s Joy Macknight at this year’s SIBOS organised by SWIFT, the head of transaction services at SEB, Paula de Silva, spoke on the Nordic payment infrastructure called P27, the cross-border payments work the bank is doing with Ripple and whether cryptocurrencies have a role to play in future.
She pointed that last year, only one of SEB’s customers was on Ripple platform, but at the moment, she said all their customers are now on the platform.
“Last year there was only one customer on it, now we have All SEB customers doing transfer inter-company between Sweden and the US on the Ripple platform, she said.
“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 and also in the future, exploring what could be the next step… it is really exciting. ”
Although Paula said SEB is not ripe for cryptocurrency now, but she said central banks in Asia especially are exploring the idea greatly. He said for crypto to be widely adopted, it needs regulation in one way or the other.
Earlier, Paula in a post on LinkedIn praised Ripple for helping them meet customer expectations on speed, low costs and transparency.
She said last year SEB started working on a pilot project based on blockchain technology that allows Swedish corporate customers to transfer money to American counterparts.
Paula added that the transactions are made using Ripple’s inter ledger protocol that allows for a much money transactions between Sweden and the US.
“Instead of days – how about two seconds?,” she said praising Ripple’s outstanding performance.