Australian CommBank announces migration to XRP standard of payments Bank of Australia’s largest financial conglomerate, CommBank, has announced it will begin migrating cross-border payments to the ISO 20022 standard this month. CommBank plans to complete the transition of all payments conducted by it to the advanced standard by November 2025.
Will Commonwealth Bank use ripple to settle payments?
The Commonwealth Bank of Australia (CBA) plans to begin using the Ripple network to settle payments between its subsidiaries soon. Commonwealth Bank chief information officer David Whiteing revealed the large bank’s interest in Ripple technology yesterday during a speech at an event hosted by the Australian Information Industry Association (AIIA).
What is XRP (XRP)?
XRP is a payments network that is designed to serve the financial services industry. It’s a relatively popular crypto—and it consistently lists among the top 10 cryptocurrencies by market capitalization. Designed to make payment transactions faster and cheaper, XRP settles payments at a fraction of the cost of traditional methods.
What is Ripple XRP?
Ripple is the company behind XRP, and it has undergone several rebranding efforts over the past few years—initially launched under the name OpenCoin in 2012, it changed to Ripple Labs in 2013 before settling on Ripple in late 2015. Ripple claims its payments network will usher in a “new global finance era.”
