IndusInd Bank announces partnership with Ripple to facilitate global payments
IndusInd Bank, on Tuesday, announced that it has partnered with enterprise Blockchain solution Ripple to facilitate cross-border payments. Through this partnership, Ripple can now provide instant access in emerging markets such as India, Brazil, and China, IndusInd Bank said in a release.
In 2017, India saw a total of $65 billion move into the country and IndusInd Bank which has significant interests in cross-border remittances plans to harness the power of Blockchain technology for facilitating global payments.
“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 a highly secure infrastructure. 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," said Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank.
"This will deliver more value to remitters, recipients & our Institutional partners across the world,” he added.
The Bank plans to leverage the latest technology to build on its existing footprint in the payments business through this alliance. Blockchain technology for payments lowers both costs and transfer times for their customers.
Also, by joining Ripple Net, financial institutions are able to communicate information about a payment between each other and settle payments immediately.