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Homepage / News November 22, 2017 133 views

Regular Chartered, Axis Launch Payments Service With Ripple Tech

Normal Chartered, Axis Launch Payments Service With Ripple Tech

Monetary institutions Common Chartered and Axis Bank have announced a new cross-border payments platform constructed on best of technology developed by Ripple.

Unveiled today, the platform – which will connect corporates between Singapore and India – will be accessible by means of Regular Chartered’s Straight2Bank program.&nbspAccording to SC’s release, the platform will let users to see all costs up front, pre-validate transactions and thereby far more speedily settle them.

Reports in March indicated that several banks, which includes Normal Chartered, have plans to launch a equivalent method across several nations next year. Further, the bank was 1 of a number of institutions of its kind to take component in a $55 million Series B round in Ripple in 2016.

Gautam Jain, who serves as managing director and global head of client access for Standard Chartered, stated in a statement:

“The effective launch of our industrial cross-border payment service marks a considerable milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”

Not integrated in the cross-border platform is Ripple’s XRP digital asset. A spokesperson for the startup confirmed that SC and Axis are not using XRP to facilitate transactions among Singapore and India.

Disclosure:&nbspCoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Ripples image through Shutterstock

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Published at Wed, 22 Nov 2017 17:00:40 +0000