Ten more financial institutions have jumped onboard Ripple’s blockchain network for cross-border payments.

The new faces are MUFG, BBVA, SEB, Akbank, Axis Bank, YES Bank, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com – representing a mix of banks and payment service providers (PSPs).

“The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating,” says Ripple CEO Brad Garlinghouse.

Turkey-based private bank, Akbank, is the first bank in the republic to adopt blockchain. Star One is the first credit union to offer Ripple remittances to customers via eZforex.com. While Cambridge Global Payments and Earthport are collaborating with Ripple to “increase the reach and reduce the cost” of real-time cross-border payments.

Traction and action

Elsewhere, Ripple’s network has been gaining plenty of attention.

The Bank of England’s fintech accelerator recently teamed with Ripple for a cross-border payments proof of concept.

In the Middle East, National Bank of Abu Dhabi (NBAD) became the first bank in the region to introduce real-time cross-border payments on Ripple’s network. However, First Gulf Bank and NBAD have just merged to form First Abu Dhabi Bank.

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