Copy link
Increase text size
Decrease text size
Link copied

National Payments Corporation of India unveils blockchain platform for automated payment, clearing and settlement

Thu, 02 Jan 2020, 10:04 am UTC

The National Payments Corporation of India (NCPI) has announced a distributed ledger platform for automated payment, clearing and settlement.

Called “Vajra Platform,” the distributed ledger technology (DLT)-based system has been designed for automating payment clearing and settlement processes of NPCI products. It is essentially a permissioned network, meaning that only those parties that have been approved by the Network Administrator can be a part of the network.

“The team at NPCI researched 'Distributed Ledger Technology' (DLT), a new technology that promises to provide highly secure and tamper-evident transactions stored in a distributed and immutable database which is also versatile enough to be adapted to various cases,” the description reads.

There are three nodes of the Vajra platform:

  • Participant Node – This represents all the banks on the Vajra platform. These nodes can receive, post, and view transactions on the platform.
  • Clearing House Node – It will have the Admin rights to this platform and will be maintained by NPCI. It will provide a root-authority-signed TLS certificate from the network’s permissioning service to the participant nodes.
  • Notary Node – It will validate a transaction only if Aadhar biometric is used for authentication. It will receive transactions only from the Clearing House Node.

The blockchain-based platform will enhance data security and transparency, and facilitate real-time transactions. In addition, decentralized and distributed data storage would help reduce the pain of reconciliation across all the participants.

Furthermore, reconciliation and reporting are currently done manually which leads to processing error, increased time for settlement and high cost of operation. With the Vajra platform, banks have data setup on a node and would be able to do reconciliation as per their convenience. The platform will also help reduce the pain of disputes across all the participants.

NCPI is an umbrella organization for all retail payments in India and currently has 56 shareholders. The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A., and HSBC.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • andrewjabel
  • 2020.06.01 15:59:01
Its actually my pleasure to create this awareness of binary option(online) trade which i have invested in for years and was not profitable and encouraging until i got the best strategy for calculating the actual time to invest in other not to lose my money. now i make $15000 every week." make money from that strategy"for further information contact me on>>>>> [email protected] thank you 
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $9,243.43 (-0.33%)
  • Ethereum (ETH) $239.88 (-0.22%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $232.23 (-1.78%)
  • Bitcoin SV (BSV) $181.90 (-1.96%)
  • Bitcoin (BTC) $9,243.43 (-0.33%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.