Axis Bank said it has launched instant international payment services using the enterprise blockchain technology solution from Ripple. The bank’s retail customers in India can now receive payments from RAKBANK in UAE and its corporate customers from Standard Chartered Bank in Singapore. The bank had tied up with Ripple in January for cross-border remittances. Himadri Chatterjee, president, Transaction Banking at the bank, said using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. The bank, he said will use the potential the technology has to bring innovative services to the market and help enhance value to our customers. The RTGS, currency or Ripple protocol, is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples).
