Good News for NRIs, here is how making remittances just got easier, better
IndusInd Bank plans to harness the power of Blockchain technology for facilitating global payments.
IndusInd Bank today entered into a partnership with Ripple, a blockchain solution enterprise, for facilitating payments into and outside the country.
Ramesh Ganesan, senior executive vice president at IndusInd Bank, said, “We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of a highly secure infrastructure."
Ganesan said, "Building a Digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients & our Institutional partners across the world.”
With this agreement, RippleNet can now provide instant access in the emerging markets such as India, Brazil and China.
Patrick Griffin, Head of Business Development at Ripple, believes that blockchain solutions can provide much more impact to the customers of financial institutions in emerging markets.
Griffin says, "The payments problem is a global problem, but its negative impact disproportionally affects emerging market. Whether it’s an engineer in the US sending money to his family in India, or a small business owner in Brazil trying to move money to their suppliers
in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
Last year, India saw a total of $65 billion move into the country and IndusInd Bank, which has significant interests in cross border remittances, plans to harness the power of Blockchain technology to facilitate global payments.
IndusInd also plans to leverage the latest technology to build on its existing footprint in the payments business through this alliance.
Using Blockchain technology for payments, IndusInd customers can lower both costs and transfer times.
Also, by joining RippleNet, financial institutions are able to communicate information about a payment between each other, and settle payments immediately.
Ripple provides one frictionless experience to send money globally using the power of blockchain. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.