Axis first bank in India to use Ripple’s blockchain network

Axis Bank has become the first bank in India to use Ripple’s blockchain network for cross-border payments.
The bank, the third largest in the private sector, will use the network for real-time settlement as it targets future growth.
Amit Sethi, president and CIO at Axis Bank, says: “We will come out with solutions for our customers soon, but we don’t want to commit to any time frame.”
Its interest in blockchain is not new as recently it partnered with India-based Kotak Mahindra Bank to test blockchain for new client-facing services.
“After evaluating a number of digital currencies for inclusion on our exchange, it soon became clear that customer demand for XRP was particularly strong,” says Nejc Kodrič, CEO at Bitstamp.
Ripple says XRP was “created specifically for institutional settlement in seconds” and cites R3’s recent trial with XRP for interbank cross-border payments as an example.

Source Bankingtech.com

Comments

  1. Forex ServiceJanuary 27, 2018 at 12:51 AM

    Thank you for sharing such great information. It has help me in finding out more detail about Axis Remittance

    ReplyDelete

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