Major Private Indian Bank partners with a ripple for cross-border money transfers

The federal bank of India, a commercial private bank, has entered into a partnership with Ripple to use its network for cross-border credit transfers. The bank announced the development in a letter on 28 March.

The collaboration with Ripple is part of a broader initiative to apply new technologies to the bank's money transfer network. Federal Bank also launched two transfer platforms in the United Arab Emirates (UAE) on 28 March for making payments to India.

One of the platforms is said to allow non-resident Indians in the UAE to send money through exchange offices and banks through the recipient's virtual payment address.

Federal Bank, which earned $ 1.5 billion in revenues in 2018, is said to control 15 percent of the Indian money transfer market and is investigating how new technologies such as blockchain can increase its market share. Shyam Srinivasan, CEO of the federal bank, told Gulf News:

"Federal Bank is an important part of the remittance ecosystem to India, so it is natural for us to offer the latest technology to our customers and remittance partners such as exchange offices and banks."

The bank stated that Ripple "ensures that (that) cross-border transactions are (much) safer and more secure."

Ripple is gaining popularity as banks around the world think about whether the network can help improve their cross-border payment services. In February, Oman's second largest bank, market value BankDhofar, started using RippleNet technology for cross-border payments to India.

The fourth and largest series of blockchain support shows will be set up for Bangalore on March 30 and it is assumed that it will have a major public impact due to the planned participation of a large number of developers.

The public outrage follows a ban from the Reserve Bank of India (RBI) last year, when RBI ordered financial institutions to stop working with cryptocurrency companies.

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