The private sector banking giant, IndusInd Bank, has partnered with the coveted blockchain solution for global payments, Ripple. IndusInd Bank is spread across 702 geographical locations across India with 1320 branches and about 2162 ATMs. Moreover, India is a major hub for international payments. About $65 billion moved into the country in 2017 itself! The bank also has representative offices in London, Dubai and Abu Dhabi.
Ripple is already a much accepted cryptocurrency by the banks. Unlike other prevalent cryptocurrencies such as BTC, Ethereum and Litecoin, Ripple is not that famous yet. While its peers are trying to replace fiat currency, Ripple’s technology aims to become the backbone behind international payments thus making cross country transactions easier. This will reduce transaction costs and time taken to execute and verify a transfer–thanks to Ripple’s blockchain technology.
With India’s cryptocurrency exchange, Unocoin, launching a multi cryptocurrency exchange, trading in XRP has become all the more easier. Thus, the partnership of IndusInd Bank with Ripple will enable it to utilize the benefits of the blockchain technology to the maximum, and increase its clientele as those who wish to indulge in cross-currency exchanges will find a better platform for it.
How does this work?
By joining Ripple, financial institutions will be able to communicate sensitive payment information and settle transactions instantly. This ensures that the execution of the order given by the client is done efficiently with least amount of delay and confusion.
Mr. Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank said in a press release, “Building a digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients & our Institutional partners across the world.”
The partnership should prove to be a long and fruitful one, encouraging the development of blockchain technology and exchange of cryptocurrencies in India. You can keep yourself updated with ongoing cryptocurrency news and even take courses to learn more about crypto trading!
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