Indias Federal Bank, Ripple partner for blockchain cross-border payments

Tuesday 2 April 2019 10:04 CET | News

Federal Bank, an India-based private sector commercial bank, has partnered with Ripple for cross-border remittance via the Ripple network.

The bank said that its partnership with Ripple will help them explore new corridors where the blockchain startup is pursuing new partnerships. The bank will be using Ripple’s blockchain platform in order to get access to faster and more secure cross-border transactions.

Gulf News reported that the bank recently upgraded its blockchain platform for remittances, enabling exchange houses and banks in the Middle East to connect their existing solutions to make seamless, real-time transactions. This upgraded cross-border remittance platform is already being used by Lulu Exchange, a UAE-based exchange.

Federal Bank Limited engages in commercial banking activities in India, with a network of over 1200 branches, over 1665 ATMs and 258 cash recyclers spread across the country. It operates in four segments: treasury, corporate/wholesale banking, retail banking, and other banking operations.

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Keywords: Federal Bank, Ripple, partnership, India, blockchain, cross-border payments, Commercial Bank, private sector, Ripple network, blockchain platform, cross-border transactions
Countries: World