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RippleNet Solution to be Used by Banking Giants CIBC and NAB of Australia

The Canadian Imperial Bank of Commerce (CIBC) and the National Bank of Australia (NAB) have formed a cooperation to improve cross-border payments settlement.

That is by partnering with Ripple's RippleNet system serving as the centerpiece of the agreement.

The choice of the RippleNet solution was based on the protocol's capacity to deliver real-time cross-border payments at a lower cost and faster turnaround time.

NAB's choice to employ Ripple's solution reflects how much of a positive image Ripple has managed to maintain during its continuing legal battle with the US SEC