21 July 2018
Visit www.avoka.com

Axis Bank uses Ripple to open new payment corridors between the UAE and Singapore

22 November 2017  |  23208 views  |  0 World in hand

Standard Chartered, Axis Bank and Rakbank have begun to use RippleNet to send live cross-border payments on behalf of corporate clients and migrant workers.

For Standard Chartered and Axis Bank, Ripple's enterprise blockchain platform is being used to unlock the $15 billion trade corridor between India and Singapore, promising fast and frictionless payments for buyers and suppliers.

Gautam Jain, global head of digitisation and client access, transaction Banking at Standard Chartered says: “The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way."

Axis bank is also tapping remittance flows between India and the Middle East through an arrangement with the UAE's Rakbank. The large Indian workforce in the UAE is estimated to send home nearly $12.6 billion annually.

Axis Bank president of transaction banking Himadri Chatterjee says: “While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ripple boss predicts central bank adoption of blockchain

Ripple boss predicts central bank adoption of blockchain

17 November 2017  |  50275 views  |  0 comments | 63 tweets | 44 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border payments

AmEx partners Ripple and Santander for blockchain-enabled cross-border payments

16 November 2017  |  20069 views  |  0 comments | 16 tweets | 43 linkedin
Ripple looks to drive bank adoption with $300m XRP rebate programme

Ripple looks to drive bank adoption with $300m XRP rebate programme

13 October 2017  |  34193 views  |  0 comments | 16 tweets | 6 linkedin
Ripple blockchain network hits 100-member mark

Ripple blockchain network hits 100-member mark

10 October 2017  |  17418 views  |  0 comments | 13 tweets | 15 linkedin
SBI Ripple Asia advances on South Korea

SBI Ripple Asia advances on South Korea

19 September 2017  |  17470 views  |  0 comments | 16 tweets | 1 linkedin
Gloves come off as Ripple preps Toronto conference during Sibos

Gloves come off as Ripple preps Toronto conference during Sibos

24 August 2017  |  30197 views  |  4 comments | 20 tweets | 18 linkedin
SBI and Siam Commercial Bank open cross-border remittance rail using Ripple

SBI and Siam Commercial Bank open cross-border remittance rail using Ripple

30 June 2017  |  13559 views  |  0 comments | 13 tweets | 11 linkedin
BBVA runs live funds transfers over Ripple

BBVA runs live funds transfers over Ripple

21 April 2017  |  20470 views  |  0 comments | 35 tweets | 20 linkedin
After trashing Swift gpi, Ripple hires its biz director

After trashing Swift gpi, Ripple hires its biz director

13 April 2017  |  17270 views  |  1 comments | 10 tweets | 8 linkedin
Ripple's XRP asset boosted by BitGo linkage

Ripple's XRP asset boosted by BitGo linkage

16 February 2017  |  13001 views  |  0 comments | 7 tweets | 3 linkedin
Ripple lands first Middle Eastern bank

Ripple lands first Middle Eastern bank

01 February 2017  |  19512 views  |  0 comments | 17 tweets | 10 linkedin
Axis Bank ties up with Ripple for cross-border remittances

Axis Bank ties up with Ripple for cross-border remittances

10 January 2017  |  8275 views  |  0 comments | 11 tweets | 8 linkedin
SEB to build Ripple-flavoured blockchain payments network

SEB to build Ripple-flavoured blockchain payments network

07 November 2016  |  13027 views  |  1 comments | 13 tweets | 14 linkedin
Japanese banks flock to blockchain consortium

Japanese banks flock to blockchain consortium

01 November 2016  |  15443 views  |  0 comments | 23 tweets | 15 linkedin
Banks test Ripple digital asset for cross-border payments

Banks test Ripple digital asset for cross-border payments

20 October 2016  |  10183 views  |  0 comments | 10 tweets | 10 linkedin
Ripple rudely gatecrashes Sibos party

Ripple rudely gatecrashes Sibos party

28 September 2016  |  22362 views  |  3 comments | 48 tweets | 39 linkedin
Swift beware: Ripple signs banks to global payments steering group

Swift beware: Ripple signs banks to global payments steering group

23 September 2016  |  18643 views  |  0 comments | 36 tweets | 19 linkedin
Ripple scores $55 million funding round; adds new bank members

Ripple scores $55 million funding round; adds new bank members

15 September 2016  |  11829 views  |  0 comments | 20 tweets | 20 linkedin
Japanese bank consortium to build new payments network with SBI Ripple Asia

Japanese bank consortium to build new payments network with SBI Ripple Asia

23 August 2016  |  13613 views  |  0 comments | 24 tweets | 19 linkedin

Related company news

 

Related company information

Standard Chartered Bank

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit info.nice.comVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13080 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10686 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9857 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6966 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6808 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job