Crédit Agricole experimenting with Ripple blockchain money transfer technology
Several Crédit Agricole entities* are currently experimenting with blockchain technology to simplify money transfers with a foreign-exchange component and make things easier for their customers who live near the Swiss border. Thanks to the Ripple-developed blockchain, the customers of the Regional Banks located near the Swiss border and Crédit Agricole next bank (CANB) in Switzerland will be able to transfer their salary paid in Swiss Francs to their French bank account in just a few minutes, instead of the three days it currently takes. They'll be able to control this transfer directly from a mobile app, and blockchain will provide real-time settlement of the transactions, greater transparency in the exchange rate used for the transaction, and lower embedded costs. This test is to run for six months before the service is rolled out to the entire territory.
* Crédit Agricole Payment Services (CAPS) and Crédit Agricole des Savoie (CADS), with the backing of Crédit Agricole Corporate and Investment Bank (CACIB), Crédit Agricole Technologies & Services (CA-TS) and Crédit Agricole Private Banking Services (CAPBS)