The association between Indian financial institutions and the rapidly evolving world of cryptocurrencies has forever been a highly controversial one. Although the country’s central banker has yet not released any formal direction regarding its usage, certain banks have taken the initiative of investigating its performance potential by themselves. Recently, Indusland Bank has collaborated with Ripple for cross-border payments.

Renowned private sector financial house IndusInd Bank has set up a collaboration with Ripple a blockchain solution provider to augment global payment transactions. The bank revealed in a letter signed by Company Secretary Haresh Gajwani on Tuesday that:

“lnduslnd Bank announced its partnership with Ripple, the enterprise blockchain solution for Global Payments, to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China. In 2017, India saw a total of$65 billion move into the country and Induslnd Bank which has significant interests in cross border remittances, plans to harness the power of Blockchain technology for facilitating global payments.”

The bank is trying to leverage the latest technological advancements for solidifying its existing footprint in the payment business by strengthening its alliance with blockchain technology which holds the potential of bringing down both transaction time and cost rhetorically.

Also Read: Axis Bank Uses Ripple Blockchain Technology for Cross Border Payments

Ramesh Ganesan, the senior executive vice president at IndusInd Bank was quoted as stating that:

“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 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 and our institutional partners across the world.”

Financial institutions can engage in unbridled communication for initiating and settling payments instantaneously by joining hands with Ripple. Head of business development at Ripple feels that such blockchain solutions can bring upon farfetched impact on the customers of financial institutions in developing markets.

Patrick Griffin thereby pointed out that:

“The payments problem is a global problem, but its negative impact disproportionally affects emerging market…it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”

Also Read: Central Bank of Saudi Arabia And Western Union To Use Ripple Blockchain Technology

Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.