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Ripple is continuing to make waves in the traditional finance world. Owing to the success of its cross-border payments solutions, banks are increasingly testing its technology and signing up to join its payments.

Ripple is continuing to make waves in the traditional finance world. Owing to the success of its cross-border payments solutions, banks are increasingly testing its technology and signing up to join its payments network – RippleNet. MUFG Bank, Japan’s largest lender, and its unit Banco MUFG Brasil S.A. announced a deal with Banco Bradesco S.A. to develop a new cross-border payment service using Ripple’s blockchain technology. MUFG and Banco Bradesco - Brazil’s second largest private bank – will work on creating a payment service between Japan and Brazil. The payment system, which will be developed by Ripple, will facilitate quick, transparent and traceable payments between the two countries. The latest deal between MUFG and Banco Bradesco is an extension of an earlier collaboration agreement between the two lenders, signed in September last year. MUFG was among the first customers to join RippleNet, which is a decentralized network of banks and payment providers that user Ripple’s financial technology to facilitate smoother and quicker payments across countries. Other members of the network include Bank of America, Spain’s Santander and France’s Credit Agricole, among others financial companies.