Kotak Mahindra is the name of one major private bank in India which was the latest financial institution that joined RippleNet, which is Ripple’s enterprise blockchain network. The move was made in order to enable inward remittances.
The announcement came in a PDF version where Kotak Mahindra Bank revealed that it will use the San Francisco-based Ripple’s blockchain technology in order to power inward international remittances in India. Meanwhile, it is also important to mention that India is the largest remittance receiver in the world.
Kotak (the bank) will use the Ripple blockchain software named xCurrent in order to enable end-to-end tracking of instant payments and settlements over RippleNet which is the company’s enterprise blockchain network.
The blockchain solution, however, will not use Ripple’s token cryptocurrency – which is powering a separate product within the xRapid platform.
Kotak’s plans are to reduce the average time to settle international money transfers down to minutes – instead of the several days as seen currently. The chief digital officer at Kotak Mahindra, Deepak Sharma, stated the following:
“xCurrent ticks all the boxes and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.”
The bank is among the largest private banks in India, joining the private lenders Axis Bank and IndusInd as members of RippleNet, which is a network that comprises of more than 100 financial institutions including banks, payment providers, remittance operators and even one central bank.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]