Axis Bank, India’s third largest private sector bank, has entered a collaboration with distributed FinTech company Ripple to offer cross-border payments solution through Blockchain technology.
Ripple is a blockchain-based financial settlements solution that aims to reduce the time and cost of transactions. Axis is the first bank in India to partner with Ripple.
The technology can enable instant international money transfers, compared to the 3 – 5 day norm for international remittances, and improve efficiency of payments for Axis Bank through instant and automated reconciliation with partner banks.
“We are committed to using innovation in technology to make banking simple and convenient for our customers,” said V Srinivasan, Deputy Managing Director, Axis Bank.
“Remittances have been a key strategic area for us, we at Axis are excited with the tie-up and the potential that the use of Blockchain technology could deliver in enabling real-time affordable money transfers.”
“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,” said Brad Garlinghouse, CEO of Ripple. “As an early adopter of Ripple, Axis Bank will set a new standard for cross-border payments services and help us continue to grow our global network in a key region of the world.”