Standard Chartered is to extend its use of the Ripple network for cross-border payments to five more pairs of countries over the coming year.

The bank went public with its use of Ripple to unlock the $15 billion trade corridor between India and Singapore in November.



The system is being used to speed up payments processing between buyers and sellers in the bank's corporate supply chain.



Plans to extend the use of the platform were touched on by Standard Chartered CEO BIll Winters in the bank's Q1 interim management report.



In a passage on the bank's investment in innovation initiatives, Winters states: "We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018."