SEB To Use Ripple’s Blockchain Technology Solution

SEB, one of the largest banks in Sweden, has announced its partnership with Ripple, a San Francisco based fintech company, in order to use Ripple’s blockchain technology solution as a basis for payment transactions.

According to the official press release, this step should enable customers to make real-time transfers between SEB accounts in Stockholm and New York.

Paula da Silva, head of Transaction Services at SEB commented:

“This is a way to explore the potential of new technologies and an example of how we, by working with innovative technology companies, can be even more relevant to our customers.”

SEB has verified that the solution is compatible with the bank's infrastructure and work is now underway to build a complete payment solution.

“By using Ripple's distributed financial technology, our customers can initiate real-time transfers between their SEB accounts in Sweden and the bank’s branch in New York,” says Paula da Silva. 

The first customer transactions are planned for next year, and will offer customers real-time transfers with later cut-off times than today.