Axis Bank has launched instant international payment services using the blockchain technology solution from Ripple.
- The service is launched for its retail customers in India to receive payments from RAKBANK in UAE while its corporate customers in India can receive payments from Standard Chartered Bank in Singapore.
- Axis bank had tied up with the fintech firm for cross-border remittances.
- Ripple makes international remittances faster and more transparent for customers.
- It ensures security and improving efficiencies at the same time through the power of blockchain.
- The transactions reach their destination account in minutes, with the certainty of settlement, and with end-to-end visibility over the course of the payment.
- Indian banks are turning to blockchain for payment services.
