Standard Chartered, Axis Launch Payments Service With Ripple Tech

0
10
Standard Chartered, Axis Launch Payments Service With Ripple Tech

[ad_1]

Financial institutions Standard Chartered and Axis Bank have announced a new cross-border payments platform built on top of technology developed by Ripple.

Unveiled today, the platform – which will connect corporates between Singapore and India – will be accessible through Standard Chartered’s Straight2Bank system. According to SC’s release, the platform will allow users to see all fees up front, pre-validate transactions and thereby more quickly settle them.

Reports in March indicated that multiple banks, including Standard Chartered, have plans to launch a similar system across several countries next year. Further, the bank was one of a number of institutions of its kind to take part in a $55 million Series B round in Ripple in 2016.

Gautam Jain, who serves as managing director and global head of client access for Standard Chartered, said in a statement:

“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”

Not included in the cross-border platform is Ripple’s XRP digital asset. A spokesperson for the startup confirmed that SC and Axis are not using XRP to facilitate transactions between Singapore and India.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Ripples image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here