Ripple powers cross-border payments for Axis
Written by Chris Lemmon
Axis Bank (based in India), Standard Chartered (Singapore) and RAKBANK (UAE) are using Ripple technology for a new cross-border blockchain payments platform.
The RippleNet platform will power real-time corporate payments from Standard Chartered to Axis Bank, and retail remittance payments from RAKBANK to Axis Bank beneficiaries. Payments will now be completed within minutes, with the certainty of settlement.
Axis Bank’s president of transaction banking, Himadri Chatterjee, explained: “While there have been significant innovations in domestic payments, cross-border remittances have 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.”
Gautam Jain, global head of digitisation and client access, transaction banking at Standard Chartered, added: “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.”
Marcus Treacher, Ripple’s global head of strategic accounts, commented: “Standard Chartered, Axis Bank and RAKBANK recognise the evolving demands of their customers and are leaning in to better serve their needs today and into tomorrow, as expectations for speed and transparency will only rise. This commercial service is a significant step toward helping corporates and migrant workers around the world unlock trillions of dollars in trapped working capital, accelerate global commerce, and send vital funds home as quickly as possible.”