Credit Agricole SA has initiated testing of Ripple to expedite payments and extend a better service to its esteemed clients. The company staged a decision to show the importance of Ripple that offers a solution after having established alliances with MercuryFX and IDT Corporation (NYSE:IDT) in becoming to financial institutions, banks and other firms engaged in money transfer.
According to an official communicative on its website, Credit Agricole is conducting tests on solutions that involve Ripple to expedite and simplify credit transfers across the border for its overseas clients.
The test utilizes private blockchain technology, which is developed by the California fintech Ripple, to carry out the credit transfers between the two nations in a matter of just a few minutes. The customers can seamlessly complete the credit transfer that involves forex using a Smartphone.
How the Customers will Benefit from a private blockchain technology?
- Real time settlement of transactions.
- Direct settlement of transactions in local currencies between the banks.
- Availability of time stamped records in real time.
- Reduction in transaction costs and transparent.
Crédit Agricole Payment Services is conducting the tests on solutions involving Ripple and expected to be completed in about 6 months. The solution covers the transfer of the salary in Swiss Francs for customers working abroad and between Swiss bank Crédit Agricole Next Bank and the regional bank Crédit Agricole des Savoie.
Ripple as well as the Crédit Agricole Payment Services will showcase the challenges and stakes of the test in Paris at the Fintech Forum on January 30, 2018.
Credit Agricole SA Selects Atul Sodhi to Head Debt Capital Market Corporates
Credit Agricole SA has appointed Mr. Atul Sodhi as a head of the debt capital market corporates worldwide. He will report to the global head of DCM, Mr. Sebastien Domanico for international operations and to Mr. Pierre Gay for local operations.
A brief Information about Credit Agricole SA
Credit Agricole SA has its roots in Agriculture. The France based banking group consists of 90 regional banks and Caisse Nationale de Crédit Agricole.
Its subsidiaries include Unimmo France (99.6%), Unicredit (98.7%), Union d’Études et d’Investissements, Cedicam (50%), Segespar-Titres (50%), Segespar, Ucabail, Unibanque, and Sofipar (52.6%).