To provide faster and safer access to cross-border transactions, Federal Bank Limited , a large private commercial bank in India, recently entered into a partnership agreement with blockchain technology company Ripple .
Safer and safer cross-border transactions
Thanks to this partnership, ratified by Shyam Srinivasan, Managing Director and CEO of the Federal Bank, and John Mitchell, Ripple’s Senior Vice President of Global Sales, the bank would be able to use Ripple Blockchain solutions. to make the most of a new, more secure and secure cross-border payment system.
It would help the Federal Bank examine new gateways in which Ripple is actively seeking new partnerships.
Currently holding more than 15% market share on remittances in India, the Federal Bank expects an increase in its share of business.
Especially since the announcement of this partnership on March 28, the actions of the Federal Bank have taken a leap forward.
Blockchain technology is not totally banned in India
Although India sees itself as an anti-cryptocurrency country, it trumps Blockchain’s strengths.
In April 2018, the Reserve Bank of India (RBI), the Indian central bank, issued a directive that prohibited all its financial institutions from providing services to entities operating in the crypto sector.
However, it is still uncertain today whether this partnership will involve the use of crypto-currencies or not.
What do you think of this partnership agreement between Federal Bank Limited and Ripple? React in the comments below.