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SEB partners with US blockchain firm Ripple

First Published 7th November 2016

SEB offers new payment solution with blockchain technology.

Paula da Silva, SEB

Paula da Silva, SEB

Nordic bank SEB has signed an agreement with San Francisco based fintech company Ripple to use their blockchain technology solution as a basis for payment transactions. The first step will be to enable customers to make real-time transfers between SEB accounts in Stockholm and New York.

The new partnership will enable SEB to pilot the blockchain developed by US fintech company Ripple. 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, head of Transaction Services at SEB. In the next step, we plan to expand the solution to include all geographies and time zones in which we operate."

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