IndusInd Bank has teamed up with US-based blockchain payments firm Ripple to support cross-border payments.
The bank said that Ripple’s enterprise blockchain network RippleNet will offer instant access in various emerging markets including India, Brazil, as well as China.
An alliance with Ripple allows firms to communicate payment information between each other and immediately settle payments, IndusInd Bank said in a filing to the stock exchange.
IndusInd Bank senior executive vice president Ramesh Ganesan said: “We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of a highly secure infrastructure.
“Building a digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients and our institutional partners across the world.”
A total of $65bn moved into India last year, the bank said.