India’s Federal Bank partnered with RippleNet to let Non-Resident Indians [NRI] transfer money across borders using blockchain technology. This upgrade has also led the bank to partner with Ripple Inc.
According to Gulf News, Federal Bank looks to increase its 15% share of the remittance market in India by upgrading its existing payment rails to blockchain-based solutions. Shyam Srinivasan, MD & CEO of Federal Bank, stated:
“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.”
This new easy-to-plug-in upgrade allows exchange houses and banks in the Middle East to connect their existing solutions to make seamless real-time transactions. UAE-based LuLu exchange has reportedly gone live with this new cross-border remittance platform.
In addition, the bank has already launched a platform for NRIs to send money through exchange houses and banks using the Virtual Payment Address (VPA) of the beneficiary. This platform is an upgrade of UPI as it runs on UPI 2.0. United Payments Interface was developed by the National Payment Corporation of India and is being used extensively in India for instant domestic payments.
“For long Federal Bank has endeavored to bring our non-resident clientele closer to their homes. Each of our digital offerings has been designed with this objective in mind.”
A Twitter user, @Cryptopolix, posted an official document from the Manager of Listing Department, National Stock Exchange of India.
@crypto_Turd, a Twitter user, commented:
“The revolution is starting! I can’t wait to hear/see the trickle down effect on small business and personal loans.”
@nono83588911, another Twitter user, commented:
“Can you please share us how exactly its going to happen? Its going to use xrapid ? Or xcurrent 4.0 ?”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.