India's Kotak Mahindra Bank taps Ripple xCurrent for remittances
28 June 2018 | 6258 views | 0
Ripple has strengthened its position in the critical market of India by signing up Kotak Mahindra Bank to its network for cross-border payments.
Kotak, which has over 1300 branches, joins RippleNet and will use xCurrent to power instant remittance payments into the country.
This means, claims Ripple, that the bank’s customers will be able to settle cross-border payments with end-to-end tracking while slashing time on payments from days to minutes, all at a lower cost.
India has been the largest receiver of remittances in recent years, with some $69 billion flowing into the country in 2017.
With this in mind, Ripple has been working hard to gain a foothold in the rising financial powerhouse, last year setting up a Mumbai office.
The effort appears to be paying off, with Kotak following Axis Bank in using xCurrent and IndusInd in joining the RippleNet community.