India’s Axis Bank to Use Ripple Blockchain for Cross-Border Remittances

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Indian Private sector Axis Bank today became the third lender in the country to announce usage of Blockchain solutions for its operations, after its peers ICICI Bank and Yes Bank.

According to a report in The Economic Times of India the Shikha Sharma-led bank, the third largest private sector lender, will be using the upcoming technology for cross-border remittances.

“We are committed to using innovation in technology to make banking simple and convenient for our customers,” deputy managing director V Srinivasan said.  He said remittances have been a key strategic area for the bank and the Blockchain technology will enable real-time affordable money transfers.

Axis has cut a deal with Blockchain company Ripple to offer the cross-border payments solution.  

Ripple is a financial settlements solution (based on Blockchain technology) that reduces the time and cost of transactions significantly. Axis is the first bank in India to partner with Ripple.

The technology can enable instant international money transfers (today international money remittance could take anywhere from 3-5 days) and improve efficiency of payments for Axis Bank through instant and automated reconciliation with partner banks.

More from the Economic Times:

“Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation,” Brad Garlinghouse, the chief executive of Ripple, said.

Axis Bank’s larger peer ICICI Bank was the first to announce a Blockchain solution  for international trade finance and remittances last October. This was followed up by mid-sized rival Yes Bank last week under which it will be using the technology for vendor financing.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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