Banks Collaborate to Provide Global Payments on Blockchain

Global provider of financial settlement solutions, Ripple has announced that a number of global banks are combining to establish the first interbank group for global payments based on blockchain technology. Bank of America Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada are the founding members of the organization which will be known as the Global Payments Steering Group (GPSG).

The GPSG will oversee the creation and maintenance of Ripple payment transaction rules, formalized standards for activity using Ripple, and other actions to support the implementation of Ripple payment capabilities. CIBC will also join the GPSG as a new member.

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