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SBI Joins JPMorgan's Blockchain-Based Payment Network

Tue, 23 Feb 2021, 07:29 am UTC

State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions.

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps.

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