The list of Indian banks partnering with Ripple for cross-border payments is increasing from a rapid pace. The latest to join that club is Federal Bank of India (FBI). A press release in this regard was published on 28th of March, and according to it the agreement of collaboration was signed by Federal Bank MD and CEO Mr. Shyam Srinivasan and Ripple SVP John Mitchell. In addition to allowing almost instant cross-border transfers the partnership, according to press release published on Bombay Stock Exchange website, will allow Ripple to explore new corridors where Ripple is aggressively pursuing new partnerships. Given below is the entire statement:
“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.
This partnership will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships. In a meeting held today Mr. Shyam Srinivasan, Federal Bank MD & CEO and Mr. John Mitchell, Senior Vice President Ripple Inc, signed the agreements for the partnership.”
Federal Bank is 4th Indian bank to join hands with Ripple. The trend was pioneered by Kotak Mahindra Bank, and after it Axis Bank and IndusInd Bank also continued it. Now Federal Bank has also joined the club. In short, India’s tryst with blockchain-based cross-border payments is rising. Now it will be interesting to see which other banks continue this trend in the coming days.