Latin America Banks Test Ripple xCurrent

There are some banks in Latin America that are apparently going to be adopting Ripple’s cross-border payments service xCurrent, financial news agency iupana reported. The financial institutions involved include Banesco Panamá and Scotiabank Chile. Currently, the banks mentioned are testing the blockchain technology.

Banesco Panamá is one of the banks that is working with regulators to comply with local laws. The company aims to introduce technology between banks in the region, including such countries as the Dominican Republic, Panama, Portugal, Puerto Rico, Spain and Venezuela. The bank is currently testing the xCurrent network developed by Ripple. With its help, the financial institution transferred funds between various organizations, and gave its comments:

“Once integrated into the Ripple network, Banesco aims to initially offer blockchain-based transfers only between banks in the group. That’s because Banesco needs to strike a deal on rates and exchange rates bilaterally with each recipient bank.”

The VP of Digital bank at Scotiabank Chile, Daniel KENNEDY, believes that Ripple’s payment network works “really well.” He believes that Lima, Peru is a potential place for customers to send funds.

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