Axis will use Ripple network for all cross-border transactions. As reported by local news source The Economic Times, the technology
underlying this solution will allow real-time payment for cross-border
payments - Axis Bank aims to grow massively in the future.
"We are committed to using this innovative technology to make the banks to be more simple and convenient for our customers," said deputy director V Srinivasan, according to the newspaper.
The release will appear in a few months after Axis partner with Kotak Mahindra Bank, another Indian banking institutions, to test blockchain on a new client service. In October, media sources reported that officials there to discuss the launch of Axis potential products utilizing the technology ripple but still objects to reveal the launch date of the service of this potential.
In the middle of last year, Axis and blockchain start making some new projects, as reported by The Economic Times. During the summer, the bank has launched a new FinTech accelerator that aim, exploring new services on blockchain.
But Axis is not the only bank there were encouraging progress blockchain.
Fellow Indian banking institution Yes Bank earlier this month announced that it has developed a solution based blockchain vendor financing, leveraging technology Hyperledger open-source code as the basis.
This development suggests that India could emerge as a pioneer in enterprise blockchain this year, whether this development will continue the momentum?