Standard Chartered, Axis Bank and Rakbank have begun to use RippleNet to send live cross-border payments on behalf of corporate clients and migrant workers.
For Standard Chartered and Axis Bank, Ripple’s enterprise blockchain platform is being used to unlock the $15 billion trade corridor between India and Singapore, promising fast and frictionless payments for buyers and suppliers.
Gautam Jain, global head of digitisation and client access, transaction Banking at Standard Chartered says: “The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way.”
Axis bank is also tapping remittance flows between India and the Middle East through an arrangement with the UAE’s Rakbank. The large Indian workforce in the UAE is estimated to send home nearly $12.6 billion annually.
Axis Bank president of transaction banking Himadri Chatterjee says: “While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”