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

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.

Richard Kastelein
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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