News

Ripple-powered instant payment services now live

Thursday 23 November 2017 00:58 CET | News

Axis Bank, Standard Chartered and RAKBANK will now use RippleNet to send live cross-border payments.

These three major banks use Ripple’s leading enterprise-blockchain solution to power real-time, on-demand corporate payments from Standard Chartered to Axis Bank, and retail remittance payments from RAKBANK to Axis Bank beneficiaries. Now, live payments are completed in just minutes — with the certainty of settlement.

For Standard Chartered and Axis Bank, the Ripple-powered corporate payment service will allow each bank to offer their business customers an enhanced payments experience, ultimately enabling their end-customers to manage their cash flow, costs, and float better.

By our estimates, there are between 200-300 large, international corporates with regional treasury hubs in Singapore. These corporates span industries including fast-moving consumer goods (FMCG) and retail.

Often these corporates manufacture their products in India before shipping them to Singapore for worldwide distribution. In fact, the Singapore-India trade corridor is worth USD 15 billion.

Ripple-enabled cross-border payments will help unlock this corridor on both sides for Standard Chartered and Axis Bank.

It’s also never been more important for retail remittances to be instant, efficient, and secure between the UAE and India. Retail remittances between the two countries are significant and growing.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Axis Bank, Standard Chartered, Rakbank, instant payment, Ripple, cross-border payments
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech






Industry Events