Axis Bank and Standard Chartered have made the announcement of implementing a new cross-border payment platform built on top of Ripple technology.
Standard Chartered released the details of their new platform that will link corporates between India and Singapore using its Straight2Bank system. This new program allows the users to pre-validate transactions, see the fees that are applied to the transactions up-front and quickly settle all transactions.
Reports earlier in the year pointed out that multiple banks around the world have plans to launch a similar system linking various countries. Also, Standard Chartered and many other financial institutions took part in Ripple’s Series B round raising $55 million back in 2016.
The global head of client access and managing director 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.”
Ripple’s new XRP digital asset is not being added to the new platform used between Axis and SC.
Last week, Mastercard announced its collaboration with Ripple on allowing U.S corporate customers to send funds to U.K businesses using Santander U.K. bank, via blockchain-based technology.
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