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.
- CEO Patrick M. Byrne Resigns From Overstock Over ‘Deep State’ Comment and Affair with a Russian Spy – Stock Rises - August 22, 2019
- Telx Technologies Launches World’s First Cryptocurrency Sim Card Wallet And Phone Number - August 22, 2019
- Chainalysis Launches Real-Time Alerts for Suspicious Transactions For 15 Cryptocurrencies - August 22, 2019
- Factom Launches New Stablecoin called PegNet Stablecoin - August 22, 2019
- HitBTC Cryptocurrency Exchange Offers Massive Rate Cuts - August 22, 2019
- American Classic Beer Miller Lite Teams Up with Blockchain Vatom Labs to Create New Customer Experiences - August 21, 2019
- WordProof and WORBLI Partner To Bring Online Content Transparency Using Blockchain Technology - August 21, 2019
- Polkadot Cuts Deal with Blockchain – 41M Wallets to get Polkadot.Network DOTS - August 20, 2019
- David Chaum’s New Quantum-Resistant Digital Currency, Praxxis, Has Arrived - August 20, 2019
- New Satoshi on the Block Plans a ‘Reveal’ – Bitcoin Community Responds - August 19, 2019
- Binance Announces Open Blockchain Project ‘Venus’ – Calls on Governments, Companies and Organizations to Develop Localized Stablecoins - August 19, 2019
- Blockchain-Fueled VeganNation raises $10 million for Vegan Global Marketplace - August 19, 2019
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019