Ripple enables Axis Bank's cross-border remittances using Blockchain

MUMBAI: Axis Bank, India’s third largest private sector bank, has tied up with Distributed Financial Technology company Ripple to offer cross-border payments solution through technology innovation.

Ripple is a financial settlements solution, based on Blockchain technology, that reduces the time and cost of transactions. Axis Bank says, in the press release, that it is the first bank in India to partner with Ripple.

The technology can enable instant international money transfers (as against current international money remittance that takes 3-5 days) and improve efficiency of payments for Axis Bank through instant and automated reconciliation with partner banks.

V Srinivasan, Deputy Managing Director, Axis Bank, feels that blockchain technology has the potential to deliver in enabling real-time affordable money transfers.

Brad Garlinghouse, CEO of Ripple, believes that as an early adopter of Ripple, Axis Bank will set a new standard for cross-border payments services and help the company continue to grow their global network in a key region like India.