Vietnamese TP Bank (Tien Phong commercial bank) has joined the Ripple payment network, based on the RippleNet blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details, to accelerate international money transfers.
TP Bank speeds up money transfers
TP Bank is the first Vietnamese bank to use blockchain technology for transfers abroad.
On Monday, the bank announced that RippleNet would allow its customers to transfer money from Japan to an account with TP Bank in “a few minutes” compared to the previous “few hours."
“By joining RippleNet, money transfer transactions from abroad to TPBank will be faster, while ensuring security and transparency, cash flows will still be legally transferred through foreign banks to Vietnam. And also strictly controlled, ensuring compliance with the rules of foreign currency management and the provisions on the prevention of money laundering.” – TP Bank.
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- TP Bank also plans to support transfers from Korea in the future.