Axis Bank is now the third Indian lender to announce blockchain usage. The service will be used specifically for cross-border remittances, which have become a key strategic area for the bank, according to Deputy Managing Director V Srinivasan. The solution is the result of a partnership between the bank and fintech firm Ripple and will allow money to be transferred instantly. Under the current system, transfers take last October to complete. ICIC Bank announced it would use blockchain for international trade finance and remittances up to five days, followed by Yes Bank, which said it would use the technology for vendor financing.
Axis Bank is now the third Indian lender to announce blockchain usage. The service will be used specifically for cross-border remittances, which have become a key strategic area for the bank, according to Deputy Managing Director V Srinivasan. The solution is the result of a partnership between the bank and fintech firm Ripple and will allow money to be transferred instantly. Under the current system, transfers take up to five days to complete. ICIC Bank announced it would use blockchain for international trade finance and remittances last October, followed by Yes Bank, which said it would use the technology for vendor financing.