Federal Bank has partnered with Ripple to facilitate international payments. The bank said the partnership with the blockchain technology firm will see the bank use blockchain solutions for cross-border remittances. Shyam Srinivasan, MD and CEO of the bank, and John Mitchell, senior vice president at Ripple, signed the partnership agreement. The bank said in a statement this strategic partnership would help it to explore new corridors where Ripple is aggressively pursuing new partnerships. Since the Reserve Bank of India has asked entities regulated by it to not deal with or provide services to any individual or business entities dealing with or settling virtual currencies, Federal Bank will not be using Ripple’s xRapid product, which uses the digital asset XRP, in the very near future. It may instead be using RippleNet, Ripple’s global payment network, in order to use xCurrent, the enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
