In a recent official release, World’s fifth largest bank MUFG has announced signing a Memorandum of Understanding (MoU) between MUFG Bank and Bradesco to bring feasibility in payment transfer across the border. The announcement was made on Friday, November 9, as per the report.

The MoU has been signed between the Brazilian subsidiary of the bank and Banco Bradesco, a leading universal bank in Latin America. The main motive behind this step is to facilitate the quick-acting methods for transferring payments across the border. Using Ripple Blockchain, both banks want to have a direct and secure money transfer platform without the need of any intermediaries.

The platform also aims to bring a transparency, reliability and traceablity catering towards the needs of the users for which the banks have collectively agreed to use Ripple Blockchain. Regarding this, Steven Diep, one of the representatives from the MUFG Bank explained that Ripple Blockchain provides a much faster and safer transfer platform as compared to the former systems. Comparing it with the SWIFT system, he said that the traditional systems include third parties which finally results in an increased bank cost, whereas there is no need for any such parties in the current system. Hence, Ripple Blockchain can ensure for the reduction in cost and time taken for the transaction to happen as compared to earlier.

Yet again, Ripple has successfully managed in widening its demeanor. Since the launch of its xRapid platform, there has been a tremendous increase in the adoption of the cryptocurrency firm’s Blockchain by many banks and other financial institutions from worldwide.