The world is astonished by the progress made by the crypto and blockchain market, and now, almost every industry in the world along with big organizations and multinational conglomerates are trying to integrate blockchain technology into their operations to leverage on its unique features. Many are accepting cryptocurrencies as the mode of payment. A few countries have already legalized the use of cryptocurrency.
One of the most developing countries in the world is also not behind in this crypto adoption now. The country we are talking about is India. India’s Federal Bank Ltd has signed a partnership deal with Ripple through which it would be accepting XRP coins as a payment for cross-border transactions.
Ripple has many products in the market, and one of the most popular products is the xRapid Network. This platform helps in connecting a wide range of financial institutions. And the new member of this network is the Federal Bank Ltd. in India. The Indian bank has recently made the announcement of this partnership on 28th of March.
As per the announcement made by the bank, this new association would enable the bank to participate in cross border payment settlement with the help of the Ripple network. The collaboration would facilitate a safer, secure and faster way of settling cross-border payment for banks like Federal bank. The CEO of the bank confirmed this partnership along with the Senior VP of Ripple.
The official announcement made stated:
“Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network. Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secure.”
The statement further explained that this new partnership with Ripple would help the bank to explore the new-age technology where the platforms like Ripple have already made their mark. The meeting was held before the announcement in which the senior executive of both the organizations signed the agreement and confirmed the partnership.
The CEO of Federal Bank said that his bank plays a vital role in the remittance sector of the country. And hence utilizing the new-age technology is very much crucial for the bank, and therefore they forwarded a hand of partnership with Ripple.
The bank is already using a blockchain powered ledger system for remittance procedure, which it will be updating soon. The new platform built with Ripple would make it easier for the bank to use their existing remittance solutions with the support of Ripple.
However, the Federal bank is not the first bank to join hands with Ripple. So far, five Indian banks have signed a partnership deal with ripple which includes big names like Yes Bank, and Kotak Mahindra. The Federal bank itself has been active in the market for 70 years and has more than 1200 branches.