Ripple and India’s Federal Bank are working together For International Payments
Recently Federal Bank in India has partnered with blockchain payments company Ripple to facilitate cross-border payments. This is very interesting case I would like to talk about today because before India like China had complicated relationship to cryptocurrency. Moreover, it was said it wouldn’t support digital currency. But who knows maybe after this partnership they would give it a try?
Who is Ripple
Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money globally. Ripple claims its better than any blockchain - RippleNet runs on the most advanced blockchain technology. It is scalable, secure and interoperates with different networks. Customers have optional access to source liquidity using the world's fastest and most reliable digital asset for payments: XRP.
Ripple is an interesting use case for blockchain for the real world. Ripple is essentially a live use case of blockchain tech for remittances and cross-border payments. It’s great to see Ripple partnering with India.
Federal Bank says that it is "a pioneer among traditional banks in India in the area of using technology to leverage its operations and was among the first banks in India to computerize all its branches." It also said that this strategic partnership would help Federal Bank "to explore new corridors where Ripple is aggressively pursuing new partnerships." The partnership agreement was signed by Shyam Srinivasan, the managing director and CEO of Federal Bank and John Mitchell, Senior Vice President for Global Sales at Ripple.
India federal Bank expects to increase its share of business through more technology-driven solutions for its customers in the GCC region." It seems that Federal Bank became a Ripple customer as part of upgrading its remittance solutions.
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