Cross-Border Payments with Blockchain: Ripplenet Adopted by Major Banks

[kreslik.news]

Three banks (Axis Bank, Standard Chartered, and Rakbank) have announced their decision to adopt Ripple’s blockchain-based payment platform, the RippleNet, as a means of making cross-border transactions.

Axis Bank (India) and Standard Chartered (Singapore) will use the RippleNet as a passage through the “$15 billion trade corridor” between India and Singapore, according to a new report from FinExtra. Axis Bank will also reportedly be tapping into the cross-border payments market between the United Arab Emirates’ Rakbank and India, a channel through which $12.6 billion flows annually.

Ripple’s blockchain platform will reduce the amount of time and money associated with sending ... (read more)