The Ripple company and its various products based on blockchain technology have laid a major impact on the banking sector. The latest name in the list of their clients is Kotak Mahindra Bank one of a major player in the banking sector with about 1,300 branches. It is now a part of RippleNet which is a decentralized system of payment providers along with other banks. They all are connected to each other through Ripple’s technology which is based on the interface of the blockchain.
According to the Ethereum World news, Kotak is about to use Ripple’s blockchain technology based xCurrent. This will enable instantaneous transfer of funds payments within the country. Particularly, India has been receiving international remittances of about $69 Billion in the last year. Hence, Kotak is definitely going to have much faster payment of funds both in terms of sending and receiving. This is going to be similar to Ripple powered Santander App which was revealed last month.
What Does Blockchain Based xCurrent Offers?
xCurrent is the product of San Francisco-based Ripple’s software solution firm which facilitates banks to immediately settle cross-border payments along with end-to-end tracking. With the help of this application, banks stay connected with each other in real-time to send and receive payment. The retail clients of the bank can also remit a small amount of money frequently at quite lower rates.
Chief digital officer of Kotak Mahindra Bank, Deepak Sharma mentioned that xCurrent will make the global payment service system more efficient and transparent. He further added that this blockchain based system will expand their network on a global level which will help in adding more clients. India is seen as an emerging market in the field of cryptocurrency and blockchain technology. Also, Ripple is about to expand their business in the country and to add up more banks to their list.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]