Nordea bank, one of the most prestigious banks in Northern Europe, has shown its interest in connecting with Ripple and its R3 Consortium, to improve its transaction efficiency. In a recent interview, CEO of Nordea bank, Casper von Koshkull has explained how exactly Ripple and its R3 Consortium have that right potential to change the fate of future monetary transactions.

As per an article in Kauppalehti, Koshkul is hopeful that integration will enhance the speed and efficiency of their payment system. It will reduce the time taken for transferring a block amount of money and will minimize the costs involved in the process. The CEO has opined that the platform will also be able to challenge the former SWIFT system, a messaging system used in cross border payments.

The article also details about the Temenos system that will cater for making fast and cheap transaction solutions based on distributed ledger technology. Similarly, Deloitte has also stepped forward in accepting Blockchain Technology to increase the efficiency of its services. The company has shown its interest in using DLT Technology for easing their cross-border payments. The company, hence, is of the opinion that it can increase safety, and reduce costs of the transaction methods employed.