Mitsubishi UFJ Bank Praises the Remittance Capabilities of Ripple (XRP)

Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, praised Ripple’s (XRP) cheap and quick remittance capabilities.

MUFG, the world’s fifth largest bank in terms of total assets, participated in Ripple’s Global Payments Steering Group, which was hosted by Ripple in March 2017.

The group includes famous financial institutions such as Bank of America, Royal Bank of Canada, CIBC, and others.

In addition, Steve Diep, a Twitter user who supports Ripple, uploaded a video showing the MUFG group praising Ripple on his Twitter page.

The video shows an MUFG executive comparing Ripple with the traditional SWIFT and explaining the advantages such as remittance time and cost reduction at the Block Chain Conference held in June this year.

“We are operating as a bank in more than 50 countries. In other words, there are branches in more than 50 countries. Also, since many of our customers are global companies, we need to move huge amounts of money each day between branches. There is a very high liquidity there, and Ripple’s remittance technology is of great use to us.”