Private sector IndusInd Bank has tied up with blockchain solution provider Ripple to enhance global payment transactions in and out of India.
With this affiliation, Ripple can now provide instant access in emerging markets such as India, Brazil and China, IndusInd Bank said in a release.
The bank said India witnessed $65 billion move 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 said.
The bank strives to leverage the latest technology to build on its existing footprint in payments business through this alliance as the blockchain technology lowers both costs and transfer time for their customers.
By joining Ripple, financial institutions are able to communicate information about a payment between each other and settle payments immediately, the lender said.