Axis Bank, India’s third-largest private sector bank, has launched instant international payment services using Ripple’s enterprise blockchain technology solution.
The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE and for its corporate customers in India to receive payments from Standard Chartered Bank in Singapore.
Ripple makes international remittances faster and transparent for customers while ensuring security and improving efficiencies. The transactions reach their destination account in minutes, with the certainty of settlement, and with end-to-end visibility over the journey of the payment.
“While there have been significant innovations in domestic payments, cross border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”, said Himadri Chatterjee, President, Transaction Banking, Axis Bank.
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 3,485 domestic branches (including extension counters) and 14,332 ATMs across the country as on 30th September 2017, the network of Axis Bank spreads across 2,033 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK.
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.
Ripple’s investors include GV (Google Ventures), Andreessen Horowitz, IDG Capital Partners, and Jerry Yang’s AME Cloud Ventures along with Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Additional investors include Santander Innoventures, the venture arms of CME Group and Seagate Technology, and Venture 51.
With the integration of Ripple into Axis bank platform, non-card payments can be routed through Ripple’s real-time payment network, known as RippleNet. Compared with traditional payment processes, blockchain-enabled payments improve international transactions by simplifying connections with intermediaries and providing immediate end-to-end visibility into the transaction status and cost.
With the partnership with Ripple, the time it takes for international transactions to be processed through Axis bank will be reduced now. It can make transactions more effective for Axis bank customers.
One Connected Global Payments Network
RippleNet delivers a single, frictionless experience for global payments. Rather than a constellation of disparate technologies, unstandardized communications and centralized networks, RippleNet is a decentralized, global network of banks that send and receive payments via Ripple’s distributed financial technology – providing real-time messaging and settlement of transactions.
RippleNet is based on an agreement between Ripple and network participants – all of which utilize the same technology and adhere to a consistent set of payment rules and standards. RippleNet banks benefit from the robust connectivity, standardized technology and rich data attachments with each payment. Ripple’s distributed financial technology outperforms today’s infrastructure by driving down costs, increasing processing speeds and delivering end-to-end visibility into payment fees, timing and delivery.
Process real-time payments
Ripple’s software, xCurrent, enables banks to differentiate themselves by offering new cross-border payments services while lowering their total cost of settlement. The solution is specifically designed to meet the needs of banks by fitting within their existing risk, compliance and information security frameworks. Ripple’s software is installed within the bank’s infrastructure and is built to interface with the bank’s systems using an API interface or through a translation layer that can consume traditional payment message formats to compress the integration time frame into weeks.
All members of RippleNet are connected through Ripple’s standardized technology, xCurrent. xCurrent is the first, global real-time gross settlement (RTGS) system that enables banks to message and settle their transactions with increased speed, transparency and efficiency across RippleNet’s global footprint of banks and payment providers.
By using Ripple’s Blockchain solution to power international payments, bank’s customers can now send money home easily and in real-time. Joining the Ripple network is in line with not only bank’s Blockchain strategy, but it also allows them to expand their remittance footprint. This will help the bank’s to scale their business and provide their customers with a first-class digital payments experience.