Akbank has been the first Turkish bank to reach an agreement with Ripple, a technology firm that offers solutions that increase transparency and speed and reduce costs by using blockchain technology for international money transfers.

29 June 2017

Akbank has been the first Turkish bank to introduce the latest technology to the country, which speeds up foreign money transfers and reduces costs. Akbank has reached an agreement with Ripple, operating in the Silicon Valley, to use "blockchain technology". Technology is one of its leading innovations in digital technology and in international money transfers. As the first step of the agreement with Ripple, the new platform of the global money transfer system, Akbank launched a pilot on corporate payments through Akbank AG, its affiliate in Germany. The first transactions are expected performed in May.

Thanks to the cooperation with Ripple, Akbank aims to provide customers with a faster and more transparent money transfer service and customer experience by using blockChain, a new and developing technology all over the world. Akbank's new product will make difference with a faster and more flexible structure, the capability of presenting costs and exchange rates in advance, reduced correspondent bank charges, the capability of tracking payments, and 7/24 service delivery.

Underscoring the fact that they focus on turning all capabilities of digital technology into opportunities for their customers by following all global developments closely, Tolga Ulutaş, Executive Vice President of Akbank Direct Banking, said "As the world finds new ways to use the blockchain technology, we are excited and happy to be the first bank in Turkey to use blockchain technology in international fund transfers," and added: "We will continue to offer innovative digital products to our customers with blockchain technology, which today offers groundbreaking solutions in many fields, including especially the financial industry. We believe that this cutting-edge technology will increase speed and transparency while at the same time lowering costs, and open up a new era in many fields including money transfer in the financial sector."

Pointing out that they followed the global developments in this field and the FinTechs that integrate technology into the Finance industry, Ulutaş added that they would continue to introduce new technologies to their customers with the right and strategic collaborations to be started with FinTechs in line with Akbank's innovative vision.