Kotak Mahindra, a large private bank in India, set up a block network to provide Ripple’s money transfer, the last financial institution to join RippleNet.
In an announcement [PDF], bank Kotak Mahindra revealed that he is the world’s largest buyer of currencies in the world, using international currency supply, San Francisco-based blockchain Ripple Technology, in India. In particular, Kotak will use Ripple’s enterprise blockchain software (xCurrent) to provide end-to-end instant payment and payment on the company’s enterprise block network, RippleNet.
In particular, the blockchain solution does not use Ripple’s XRP encryption, which feeds a separate product to xRapid.
Using XCurrent, Kotak says that the average settlement time for international money transfers can be reduced to several minutes instead of a few days. As bank banks approve, retail bank users can often pay small amounts at low rates.
Kotak Mahindra’s chief digital officer, Deepak Sharma, said:
xCurrent provides a transparent and efficient global payment service to our customers using all the boxes and the block chain. Joining RippleNet extends our payment network globally, allowing me to communicate with other members.
With over 1,300 agencies, Kotak Mahindra is one of the largest private banks in India, and RippleNet has participated in Axis Bank and IndusInd as private lenders of more than 100 financial institutions network members including banks, payment providers and even a central bank. Earlier this year, the Saudi Arabian Monetary Authority (SAMA) joined the RippleNet to implement a trial project in the Kingdom of Saudi Arabia to actually implement a blockchain trial of the central bank, national banks to send payments via the network using xCurrent.
Recognizing India as a priority market with cash in excess of 70 billion dollars in 2017, Ripple has expanded to the country by opening an office in Mumbai, the financial capital of the country.
In addition, Ripple has indicated that three Indian banks want to “connect with non-India members via RippleNet” to offer money transfer services for their customers.