IndusInd ties up with blockchain service Ripple to aid global payments

Private sector IndusInd Bank has tied up with blockchain solution provider Ripple to enhance global payment transactions in and out of India.

With this affiliation, Ripple can now provide instant access in emerging markets such as India, Brazil and China, IndusInd Bank said in a release.

The bank said India witnessed $65 billion move into the country in 2017.

"IndusInd Bank which has significant interests in cross border remittances, plans to harness the power of blockchain technology for facilitating global payments," it said.

The bank strives to leverage the latest technology to build on its existing footprint in payments business through this alliance as the blockchain technology lowers both costs and transfer time for their customers.

"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. This will deliver more value to remitters, recipients and our institutional partners across the world," Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank said in the statement.

By joining Ripple, financial institutions are able to communicate information about a payment between each other and settle payments immediately, the lender said.

Patrick Griffin, Head of Business Development, Ripple said blockchain solutions can provide much more significant impact to the customers of financial institutions in emerging markets.

"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," Griffin said.