Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Indian Axis Bank ties up with Ripple to apply blockchain to cross-border remittances

Indian private banking company Axis Bank has announced that it will leverage blockchain solutions for its operations, becoming the third lender in the country to use the technology, after ICICI Bank and Yes Bank, The Economic Times reported.

A statement said that Axis Bank has tied up with Ripple, a distributed ledger technology provider, to offer the solution and the bank will be using blockchain technology for cross-border remittances.

"We are committed to using innovation in technology to make banking simple and convenient for our customers," V. Srinivasan, deputy managing director at Axis Bank, stated, as reported by Economic Times. He also mentioned that remittances have become an important strategic area for the bank and the distributed ledger technology will offer real-time affordable money transfers.

The move follows after Axis Bank partnered with another major Indian banking firm Kotak Mahindra Bank, last year, to explore the potentials of blockchain in various business segments, including pilot transactions.

"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, chief executive of Ripple, said.

Indian banks are viewing blockchain as a key technology for its future applications. Last October, Indian banking giant ICICI Bank partnered with UAE’s leading banking group Emirates NBD and Infosys Finacle to complete blockchain-based transactions in international trade finance and remittance. Also, last week Yes Bank implemented multi-nodal blockchain solution by leveraging IBM Hybrid Cloud technology to completely digitize vendor financing.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

February 20 11:00 UTC Released

GBCBI Trends - Orders

Actual

8 bln EUR

Forecast

4 bln EUR

Previous

5 bln EUR

February 20 07:00 UTC Released

TRConsumer Confidence*

Actual

65.7 %

Forecast

Previous

66.90 %

February 20 13:30 UTC 2121m

TRCentral Govt Debt Stock*

Actual

Forecast

Previous

0.2 bln TRY

February 20 13:30 UTC 2121m

EZWholesale Trade MM

Actual

Forecast

Previous

0.2 %

February 20 13:30 UTC 2121m

CAWholesale Trade MM

Actual

Forecast

0.7 %

Previous

0.2 %

February 20 14:30 UTC 8181m

EZWholesale Trade MM

Actual

Forecast

Previous

759.6 %

February 20 14:30 UTC 8181m

JPCentral Govt Debt Stock*

Actual

Forecast

Previous

759.6 bln TRY

February 20 15:00 UTC 111111m

EZWholesale Trade MM

Actual

Forecast

-4.9 %

Previous

-4.9 %

February 20 15:00 UTC 111111m

FRConsumer Confid. Flash

Actual

Forecast

-4.9 %

Previous

-4.9 %

February 21 00:30 UTC 681681m

JPCentral Govt Debt Stock*

Actual

Forecast

Previous

52.7 bln TRY

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.