The Indian banking sector will get a blockchain boost as one of the most prominent private sector banks, Kotak Mahindra, has now joined the RippleNet. The bank will be working on Ripple’s xCurrent platform to settle cross-border payments. The bank has over 1,300 branches and is third largest banking entity in India, after Axis Bank and IndusInd Bank, to join the company’s blockchain network.

Ripple is eyeing the massive influx of foreign remittances in India, amounting to over $69 billion in 2017. Partnering with prominent banks will now expose the xCurrent system to larger transaction volumes, considering the number of cross-border payments Indians facilitate.

According to Ripple, the XxCurrent platform is designed for financial institutions to settle cross-border payments in real time. It stated:

“Using XCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction.”

The company called India a “critical hub” for its services and opened an office in Mumbai, which is the financial capital of the country, in September last year. They appointed former HSBC and Citibank exec and veteran banking professional Navin Gupta as the country head.

At the time of launch, Gupta said:

“India is the largest recipient of corporate and retail remittances worldwide… The businesses and Indian expatriates sending money into the country want their cross-border payments to be as fast and seamless as payments made within India’s domestic digital payment network.”

Talking about Ripple’s speedy transactions and benefits for Indian expats and corporates, he claimed:

“Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”

Indian Bank Kotak Mahindra Joins RippleNet, Foreign Remittances Could Be Key to Partnership was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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