India-based IndusInd Bank has partnered with blockchain startup Ripple to facilitate payments into and out of the country.
RippleNet, Ripple’s enterprise blockchain network, recently surpassed more than 100 members. Chinese payment provider LianLian International, Brazil-based Itaú Unibanco, Singapore-based InstaReM, Brazil-based Beetech, and Canada-based Zip Remit recently joined the blockchain network. With this affiliation with IndusInd Bank, RippleNet can now provide instant access in emerging markets such as India, Brazil and China.
“The payments problem is a global problem, but its negative impact disproportionally affects emerging market. Whether it’s an engineer in the U.S. sending money to his family in India, or a small business owner in Brazil trying to move money to their suppliers in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them,” Patrick Griffin, Head of Business Development at Ripple, said.
IndusInd Bank said it has significant interests in cross-border remittances and plans to harness blockchain technology for facilitating global payments. By joining RippleNet, financial institutions are able to communicate information about a payment between each other, and settle payments immediately.
“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. This will deliver more value to remitters, recipients & our Institutional partners across the world,” Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank said.
