German Internet direct bank Fidor has selected San Francisco-based decentralised payment network provider Ripple’s payment protocol for its transaction infrastructure.
With the new solution from Ripple, Fidor’s customers will be able to transfer money in any currency through the bank’s money transfer products.
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Fidor Bank CEO, Matthias Kröner, was quoted by CoinDesk as saying: "Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same customer facing products and relationships we offer today."
Fidor plans to deploy Ripple’s protocol for intra-bank payments between its German banks and partners to lower the costs associated with settlement and foreign exchange risk.
Ripple Labs CEO Chris Larsen said, "As an innovator and leader in the banking industry, Fidor is using Ripple to define a new standard for what a bank can be and how it can serve its customers."
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By GlobalData
