India-based Kotak Mahindra Bank is the latest financial institution to join RippleNet, Ripple’s enterprise blockchain network.
Kotak will use Ripple’s settlement solution, xCurrent, to provide its customers with real-time cross-border transactions in a safe and secure manner. By using xCurrent, Kotak will be able to significantly reduce the average time associated with remittance payments, instantly settle cross-border payments and track the entire transaction process from end-to-end.
On the other hand, the bank’s customer would benefit from the lower fees associated with xCurrent payments, which make regular, small inward payments possible at a better rate.
“We harness new technologies to simplify and enhance banking services for our customers. xCurrent ticks all the boxes, and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members,” Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank said.
Last year, Ripple established its office in Mumbai, India and started teaming up with financial institutions across the country to improve access to services for consumers and businesses. In November 2017, Axis Bank went live using xCurrent and more recently, IndusInd announced plans to join RippleNet.
“Kotak Mahindra Bank can offer its retail customers a step-change improvement in their inward remittance experience thanks to xCurrent, and we look forward to connecting them to other RippleNet members to expand their global remittance offering,” Navin Gupta, Managing Director of South Asia and MENA at Ripple, said.
