New Delhi: India’s third-largest private sector bank, Axis Bank has launched instant international payment services using Ripple’s enterprise blockchain technology solution.
The bank launched the service for its retail customers in India to receive payments from RakBank in UAE and for its corporate customers in India to receive payments from Standard Chartered Bank in Singapore.
Ripple makes international remittances faster and transparent for customers while ensuring security and improving efficiencies. The transactions reach their destination account in minutes, with certainty of settlement, and with end-to-end visibility over the journey of the payment.
Speaking about the new tech solution Transaction Banking chief Himadri Chatterjee said, using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled.
