India’s Axis Bank Taps Ripple for Cross-Border Remittances Blockchain

Axis Bank, India’s third largest private sector bank, has decided to utilize Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology in its cross-border remittances services. The bank has announced that to achieve this end, it has partnered with Ripple - the New York regulated San Francisco based blockchain development firm.

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Remittances are a key strategic area for the bank and a blockchain-based solution is meant to create more affordable real-time money transfers for its many clients.

"We are committed to using innovation in technology to make banking simple and convenient for our customers," Deputy Managing Director V. Srinivasan told India's Economic Times.

"Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term innovation," added Brad Garlinghouse, the CEO of Ripple.

The technology originally pioneered by bitcoin has been making strides in the giant Asian country recently. Just last week we reported that India’s fifth largest private sector bank, YES BANK, has implemented a multi-nodal blockchain transaction to fully digitize vendor financing for a large Indian consumer appliances manufacturer, Bajaj Electricals. This was implemented on a blockchain-based smart contract written by the fintech startup, Cateina Technologies.