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Ripple and Induslnd Bank collaborate for instant payments in India

Feb 28, 2018 Posted /  4701 Views

Ripple and Induslnd Bank collaborate for instant payments in India

Induslnd Bank one of the largest private sector bank partnered with Ripple to provide blockchain solutions to improve and enhance cross-border payment transactions- in and out of India. This affiliation will greatly benefit the mission of Ripple as now the company can provide almost immediate payment solutions in emerging markets such as India, Brazil, and China.

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The IndusInd Bank confirmed the collaboration in a press release in which it stated that India would witness $65 billion moves into the country in 2017. “IndusInd Bank which has significant interests in cross-border remittances plans to harness the power of blockchain technology for facilitating global payments,” it declared.

It is being anticipated that the bank wants to leverage this latest technology to develop on its existing footprint in payments business through alliance as the blockchain technology. This diminishes both charges and transfers time for the bank's customers.

“We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of highly secure infrastructure. This will deliver more value to remitters, recipients and our institutional partners across the world,” said Ramesh Ganesan, Induslnd's Bank, senior executive vice president in the press statement.

It is noteworthy that collaboration with Ripple will facilitate financial institutions to communicate information about a payment between each other and settle payments almost instantly. Ripple's head of Business Development, Patrick Griffin remarked that blockchain solutions could provide much more significant meaning to the customers of financial institutions in developing markets.

“The payments problem is a global problem, but its negative impact disproportionally affects emerging’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them,” Griffin responded.

Ripple has so far been able to create many partnerships with banks all over the world with valuable affiliations to advance its strategic approach towards Decent Blockchain company.

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Tags: Ripple instant payments Induslnd Bank

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