Indian bank Kotak Mahindra partners with Ripple to make remittance payments faster and cheaper

Indian bank Kotak Mahindra has announced its collaboration with blockchain-enabled cross-border payment remittance system through  RippleNet– Ripple’s subsidiary.

According to the reports from the press release, the bank declared that Ripple settlement solution xCurrent will be utilized for faster transactions. Earlier it was taking several days for the transaction process. But by utilizing the solution by Ripple the transaction the average time associated with the transaction will get reduced to minutes. The whole transaction will be tracked end to end, instantly enabling cross-border payments.

Kotak Mahindra Bank’s  Chief Digital Officer, Deepak Sharma, said,

“We harness new technologies to simplify and enhance banking services for our customers. 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.”

Ripple’s South Asia Managing Director, Navin Gupta said,

“The payments problem is a global problem, particularly for those in emerging markets trying to send regular, low-value remittances overseas. Kotak Mahindra Bank can offer its retail customers a step-change improvement   in their inward remittance experience thanks to xCurrent, and we look forward to connecting them to other RippleNet members to expand their global remittance offering.”

Sources reveal that Ripple [XRP] established an office in Mumbai, India in 2017. They collaborated with the financial institution since then, across the country to access to services for consumers and business.

On RippleNet platform, Kotak joins other major banks in the country. Last year November Axis Bank went live using xCurrent and earlier this year IndusInd announced their willingness to join the RippleNet community. All the banks are trying to connect to members outside India through RippleNet

Ripple- xCurrent is utilized by numerous global financial organizations including the famous British bank, Santander UK,  to improve their customer experience in cross-border transactions.