The largest bank of Latin America joined the Ripple network

[smockergirl]

On February 21, the Ripple team announced that Itaú Unibanco, the largest bank of Brazil and Latin America for market capitalization, will use the xCurrent system on Ripple's blockbuster to handle international payments and money transfers.

Most of the major banks of South Korea and Japan, in particular one of Japan's leading commercial banks, SBI Holdings, use the Ripple xRapid network liquidity platform to reduce transaction costs when processing payments between banks and institutions. In the coming months, Itaú Unibanco, along with a large Singapore money transfer provider InstaReM and Indian commercial bank IndusInd, will begin using Ripple xCurrent to make payments between international financial service providers.

The Ripple team noted that providers of money transfer services in such large markets as Brazil and Canada began using xVia, a payment solution developed by Ripple, to process payments in Ripple's blockbuster. Beetech in Brazil and Zip Remit in Canada also plan to process payments in Ripple's blockbuster together with money transfer operators from China.

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