India’s Federal Bank partners with Ripple for blockchain-powered cross-border remittance services

Indian private sector bank Federal Bank has entered into a partnership with blockchain startup Ripple to accelerate cross-border remittance services.

In its intimation to the National Stock Exchange of India (NSE), the bank said:

“This is to inform Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network. Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secured.”

Federal Bank said that the partnership will enable it to explore “new corridors where Ripple is aggressively pursuing new partnerships.”

Gulf News reported that the bank has rolled out two technology-based remittance variants in the UAE, which are enabled through partner exchange houses and banks for making remittances to India.

Federal bank has also reportedly upgraded its blockchain platform for cross-border remittances. Using the new easy-to-plug-in platform, exchange houses and banks in the Middle East would be able to easily connect their existing solutions for seamless, real-time transactions. UAE-based Lulu Exchange has already gone live with this upgraded cross-border remittance platform.

“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks,” said Shyam Srinivasan, MD & CEO, Federal Bank.

“For long Federal Bank has endeavoured to bring our non-resident clientele closer to their homes. Each of our digital offerings has been designed with this objective in mind.”