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One of the areas where blockchain technology will have the biggest impact is in the banking industry, where the SWIFT system is increasingly lagging behind technologically. This explains why major banks all across the world have partnered with blockchains like Ripple (XRP) and Stellar Lumens (XLM).

The latest in this wave of blockchain adoption by banks is Rizal Commercial Banking Corporation (RCBC), one of the largest banks in the Philippines. It is emerging that this bank is creating a blockchain-based remittances payments system for Filipino workers working in Japan. The idea is to make payments faster and cheaper for the benefit of these workers. According to this bank, the partnership is with IBM, and one yet to be named blockchain partner.

The question on many people’s minds at the moment is, which blockchain platform is this that RCBC will be partnering with for this project. One of the blockchains that they are possibly going to partner with is Stellar Lumens (XLM). That’s because Stellar already has a partnership with IBM. In essence, the fact that IBM is part of this deal means that the Stellar is probably the blockchain that will be used in this deal. Stellar is designed for cross-border payments and can deliver what this bank is looking for with ease.

However, most speculation is based on the fact that the partnership will involve IBM and one ‘unnamed blockchain project.’ As such, if the partnership was with Stellar, there would be no point in calling it ‘unnamed.’  The fact that it is unnamed means that it is most likely another project other than Stellar (XLM).  One other blockchain that could be part of this deal is ripple (XRP). Ripple has in the past been used in cross-border payments by banks in South East Asia, and it serves this purpose quite well. Therefore, it would not be surprising if this bank makes use of ripple (XRP), since it is fast and has extremely low fees.

The other potential blockchain that could be used in this deal is OmiseGo. OmiseGo (OMG) is one of the most popular blockchains for cross-border payments in South East Asia. It is already widely used in Thailand and the Philippines. As such it makes for a perfect partner to a Filipino bank. Like the other two, it is decentralized and is designed for instant payments. Actually, it is already in a similar partnership involving Mitsubishi Japan, and a Thai bank.

Whichever, of these three blockchains will be used in this partnership, it will be huge once this deal goes through. That’s why as an investor, it would make sense to invest in all of them in anticipation of this move.  Besides, these blockchains are making major moves in finance, and are guaranteed of growth in the future, independent of this deal.  Ripple (XRP) for instance, is already working with more than 150 banks and the list is growing.  Stellar is also partnering with central banks all around the globe, while OmiseGo (OMG) is already a major player Asian finance.


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