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. According 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: CoinDesk 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