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Axis Bank becomes third lender in India to offer blockchain services

Private sector Axis Bank today became the third lender in the country to announce usage of block chain solutions for its operations, after its peers ICICI Bank and Yes Bank.

The Shikha Sharma-led bank, the third largest private sector lender, will be using the upcoming technology for cross-border remittances, it said in a statement.  Axis Bank has tied up with fintech firm Ripple to offer the solution.

 

He said remittances have been a key strategic area for the bank and the blockchain technology will enable real-time affordable money transfers.

As against the current system which takes up to five days for transfer money, blockchain can do so instantaneously, it said.

Source: CWT News.

  • January 13, 2017 7:32 PM MSK
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