So, India’s Federal Bank, a commercial bank which comes under the private sector has taken a step forward and formed a partnership with ripple, and through it, it has opened its doors for the cross-border remittances. Well, it is a piece of big news for the Ripple users as well as the Indian citizens. So, let’s take a further look at the complete news. So, let’s take a look at it.
Major Private Indian Bank which are in Partnership With Ripple for Cross-Border Remittances
The banks have already announced the small step of development in a letter on 28th of March 2019. A wider initiative to take the step of partnership with Ripple is an important part to apply new technologies in the remittances networks of the banks. The two remittances has been launched by the Federal bank which are a going to provide a huge platform for making payments in India. And these two remittances platform has already been launched on the 28th of March 2019 in the United Arab Emirates (UAE).
Well, it is a huge platform for NRI’s (Non-Residential Indians) who are settled in the United Arab Emirates (UAE). It allows them to send money through the exchange houses as well as banks. And they are having a thought of changing the payment address of the receipts to virtual payment methods.
The federal bank, which has cleared a revenue of $1.5 billion in the year 2018, controls around 15 percent of the Indian remittances market and is continuously exploring how the new technologies, for example, the Blockchains could help in increasing the share of business of the federal bank in the market.
And let me tell you that, the CEO of Federal Bank Srinivasan has told the Gulf news that, “a very important part of remittance ecosystem in India is the Federal Bank. So, it has became natural and easy for us to offer the latest technologies to the remittance partner like the exchange house and the banks and also to our customers.
The Federal bank has also stated that their new partner Ripple ensures everyone that the cross-border transactions are much secured as well as safe. To know more about this follow : https://ethereumcodebot.com/what-is-ethereum-code.php
Ripple is becoming popular day by day as the banks worldwide have started considering that the network of ripple could help them to improve their service of payment from cross-border. In the month of February, BankDhofar, which is the second largest bank of Oman, has begun to use the Ripple net technology which made the cross-border payments in India very easy.
And for sure this is going to be expend further and a lot more new technologies are going to come to India. And through this existing technology, the payments from the cross-border has already come into existence in India. And a lot more is there to come. As the new updates will be there from our sources, we will let you know the new updates in the partnership between the Ripple with the Federal bank. So, definitely, there is a lot more advanced technology which is about to come into existence.