Axis Bank, India’s third largest private sector bank, has decided to utilize blockchain technology in its cross-border remittances services. The bank has announced that to achieve this end, it has partnered with Ripple – the New York regulated San Francisco based blockchain development firm.
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Remittances are a key strategic area for the bank and a blockchain-based solution is meant to create more affordable real-time money transfers for its many clients.
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“We are committed to using innovation in technology to make banking simple and convenient for our customers,” Deputy Managing Director V. Srinivasan told India’s 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,” added Brad Garlinghouse, the CEO of Ripple.
The technology originally pioneered by bitcoin has been making strides in the giant Asian country recently. Just last week we reported that India’s fifth largest private sector bank, YES BANK, has implemented a multi-nodal blockchain transaction to fully digitize vendor financing for a large Indian consumer appliances manufacturer, Bajaj Electricals. This was implemented on a blockchain-based smart contract written by the fintech startup, Cateina Technologies.