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IndusInd ties up with blockchain service Ripple to aid global payments

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

Press Trust of India  |  New Delhi 


Private sector has tied up with solution provider to enhance global payment transactions in and out of

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

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

"which has significant interests in cross border remittances, plans to harness the power of 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 technology lowers both costs and transfer time for their customers.

"We plan to leverage the platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of highly This will deliver more value to remitters, recipients and our institutional partners across the world," Ramesh Ganesan, 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 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's imperative that we connect the world's financial institutions into a payments system that works for their customers, not against them," Griffin said.

First Published: Tue, February 27 2018. 16:25 IST