Indian bank Axis Bank to launch Ripple payment service

Rage Comment : Axis Bank is one of the largest private banks in India. According to local media reports, this week Axis Bank announced that it will use the Ripple network for cross-border payments to achieve real-time settlement of cross-border payments. It has conducted technical tests independently or in cooperation with other banking institutions before the announcement. Its specific plans are not clear at present, but it can be seen that many Indian banking institutions are involved in research and development in this field.

Translation: Annie_Xu

Indian bank Axis Bank is about to start adopting distributed ledger technology.

This week, Axis Bank announced that it will use the Ripple network for cross-border payments. Local media reported that the underlying technology of the solution can achieve real-time settlement of cross-border payments, which is in line with the bank's future development plan.

V Srinivasan

Media reports on Vice President V Srinivasan’s statement:

"We are committed to using innovative technology to provide our customers with simple and convenient banking services."

Axis and Kotak Mahindra Bank, another Indian banking institution, jointly tested the application of blockchain technology in new customer services a few months ago. In October last year, media reported that Axis officials were looking forward to developing new products using blockchain technology, but no specific explanation was given.

Amit Sethi, the bank’s president and chief information officer at the time, said:

"We will provide new solutions to our customers soon, but we have not set a specific timeline."

Axis began to reveal its blockchain project in the middle of last year. Last summer, it launched a new Internet finance accelerator project dedicated to exploring new services based on blockchain.

But Axis is not the only local banking institution conducting blockchain research and development.

Earlier this month, Indian bank Yes Bank announced that it had developed a blockchain-based seller financing solution based on Hyperledger.

If these projects in India are successfully advanced, India will lead the trend of enterprise blockchain technology testing this year.