Axis Bank is the latest Indian bank bidding to move blockchain technology into the mainstream market, partnering with Ripple in its application for cross-border remittances.
Axis joins a swathe of banking institutions that view Ripple's payment protocol and exchange network as a valid mechanism for offering real-time affordable money transfers.
V. Srinivasan, deputy managing director at Axis Bank, told local paper Economic Times that remittances have become an important strategic area for the bank, adding: "We are committed to using innovation in technology to make banking simple and convenient for our customers."
Axis is following in the footsteps of peers Icici Bank and Yes Bank, the former partnering with with Emirates NBD and Infosys Finacle on the applications of the technology in the trade finance arena, while the latter has worked with IBM on a programme to digitise vendor financing.