Ripple, one of the most popular companies in the cryptocurrency space, has signed a deal with Federal Bank, one of the leading banking institutions in India. The goal behind this partnership is to improve cross-border payment services. The information was released by the Federal Bank on March 28. This is one of the many different institutions working with Ripple’s solutions.
Federal Bank and Ripple Partner to Improve Cross-Border Services
The Bombay Stock Exchange (BSE) explained how the bank is going to be using blockchain technology and improve blockchain remittances.
About it, they explained:
“Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secure. This partnership will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships.”
The new partnership will help Federal Bank to explore new corridors where Ripple is searching for new partners. The agreement was signed by Mr. Shyam Srinivasan, Federal Bank MD & CEO and Mr. John Mitchell, Senior Vice President at Ripple Inc. As per the announcement, Ripple’s platform ensures cross-border transactions much safer and secure.
The bank has a customer base of over 8 million individuals. The bank has also been working on blockchain solutions for remittances. Ripple has already partnered with more than 200 institutions from all over the world. The intention for Ripple is to reach a larger number of companies and help them reduce their costs while making cross border transactions.
This is not the first bank in India that is going to be using Ripple’s technology to power its operations. In the past, Axis Bank launched a real-time international payment service that used Ripple’s technology.
xRapid is one of the most interesting products released by Ripple to the market. This product is going to help firms and companies in the financial world process cross-border transactions in a very easy way. They will use the XRP digital asset to source liquidity in corridors that are generally illiquid or require several intermediaries to be connected.
Other banks that have already implemented Ripple’s technology are Santander and MUFG, located in different countries and with different needs.
XRP is currently the third largest cryptocurrency in the market. It has a market capitalization of $13.03 billion and each coin can be purchased for $0.3123, according to data provided by CoinMarketCap.’