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 of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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