Ripple Labs announced back in 2014, that Munich-based Fidor Bank AG will be the first bank to integrate the Ripple protocol.
“Ripple is changing the rules of the game for financial institutions, enabling real-time settlement in any currency to strengthen customer relationships and positively impact the bottom line,” said Chris Larsen, CEO of Ripple Labs. “As an innovator and leader in the banking industry, Fidor is using Ripple to define a new standard for what a bank can be and how it can serve its customers.”
Fidor plans to leverage the Ripple network to provide customers with faster and more affordable money transfer services while deploying the protocol’s real-time settlement functionality to power efficient inter-bank payments between branches and with other financial institutions.
“Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same customer facing products and relationships we offer today,” said Matthias Kröner, CEO of Fidor Bank AG. “With Ripple, we can deliver a superior banking experience at a fraction of the time and cost traditionally expected of a financial institution.”
Fidor solutions has partnered with SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, to launch its new instant payments service in Germany and in other European countries. Fidor Solutions is able to allow European financial institutions and their customers to send and receive payments in less than 10 seconds for a maximum amount currently set at 100,000 euros per individual transaction, 24 hours a day, 365 days a year, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).
Fidor Solutions confirms its innovative vocation by offering the instant payment service, in partnership with SIA, allowing direct access to EBA Clearing’s pan-European real-time payment system RT1 and to the TARGET Instant Payments Settlement (TIPS) service of the Eurosystem (the ECB and national central banks in the Eurozone).