Axis Bank has used a blockchain solution for cross-border remittances, the bank said in a statement. It becomes the third bank in India to make use of blockchain technology for operations after ICICI Bank and YES Bank. The bank’s deputy managing director V. Srinivasan said the bank is committed to using innovation in technology to make banking simple and convenient for our customers. He said remittances have been a key strategic area for the bank and the block chain technology will enable real-time affordable money transfers. The bank has tied up with fintech firm Ripple to offer the solution. Blockchain based platform can ensure that money transfers are possible instantaneously instead of four to five days required in the manual system.
