Indian Bank Taps Ripple for Instant International Remittance

Nishanth Shetty

June 29, 2018 4:54 pm

Ripple News

Indian Bank Taps Ripple for Instant International Remittance | Coindelite News
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Kotak Mahindra, which is one of the major private banks in India, announced that it is going to join RippleNet, Ripple’s enterprise blockchain network for enabling inward remittances.

According to Kotak Mahindra Bank’s announcement, the bank will be using Ripple’s blockchain technology for power inward international remittances in India. Mainly, the bank will use Ripple’s blockchain, xCurrent for facilitating end-to-end tracking of instant payments and settlements over RippleNet.

The Blockchain Solution will not be using Ripple’s cryptocurrency XRP that powers a separate product in xRapid.

The bank says, by using xCurrent, the average time to settle international money transfers could take place in minutes rather than taking several days. The bank stated the bank’s retail users could also remit sums of money frequently at low rates.

Kotak Mahindra’s chief digital officer Deepak Sharma said:

xCurrent ticks all the boxes and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.”

Moreover, Ripple announced that the three-member Indian banks among its ranks “are looking to connect through RippleNet to members outside India” to offer two-way remittance services to their customers.

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