To enhance cross-border payments IndusInd ties-up with Ripple

On Tuesday, the private sector bank IndusInd Bank informed bourses that it has entered into a partnership with blockchain solution provider Ripple. This tie-up with Ripple will help enhance the bank's cross-border payments as RippleNet can provide instant access in emerging markets such as India, Brazil and China.

Further, with this alliance, IndusInd Bank aims to leverage the latest technology to build on its existing footprint in the payments business. Blockchain technology for payments would result in lower costs and transfer time.

Within the RippleNet alliance, the banks can communicate instantly about a transaction between each other and settle the transaction immediately.

The company said, in last calendar year 2017, India witness US$ 65 billion of inflow and IndusInd Bank which has significant interests in cross-border remittances, plans to harness the power of Blockchain technology for facilitating global payments.

Apart from IndusInd Bank, other Indian private banks like Yes Bank and Axis Bank have also tied-up with Ripple.

Meanwhile, the stock of IndusInd Bank closed at Rs. 1676, down by almost half per cent from the previous close of Rs. 1,684.6.