The Royal Bank of Scotland (RBS) is undertaking a proof-of-concept with Ripple technology as part of its £3.5bn technological revamp.
The banking group, which has been plagued by a series of IT failures across its four brands, RBS, Natwest, Ulster Bank and Coutts, is now looking to boost its image as an 'innovation leader'.
Addressing the RBS investors and analysts on the webcast, McNamara said:
According to McNamara's presentation, four teams of RBS experts spent two days exploring how the bank could use Ripple at one of its Technology Solutions Centres (TSC), later presenting their findings to business stakeholders.
The bank, which was briefly the world's largest prior to the global financial crisis, was bailed out by the UK government in 2008. Earlier this month, Chancellor George Osbourne said he would start selling (paywall) the state’s £32bn stake, despite a potential loss of £7.2bn for UK taxpayers.
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