Standard Chartered, Axis Bank Tap Ripple for Cross-Border Payments

Two banks have unveiled a corporate cross-border payment solution for real-time payments, using Ripple’s blockchain solution for the network.

The solution, which is now commercially available between Standard Chartered bank in Singapore, and Axis Bank in India, will give corporates “greater control over cash flow,” according to the banks.

While Axis Bank corporate customers can now receive payments from Standard Chartered, the bank’s retail customers will be able to receive payments from RakBank in UAE through the same network, according to Axis.

This is partially because fees and other associated costs with transfers can be disclosed before the transaction on the Ripple network. Additionally, payments are also “pre-validated,” allowing for faster settlement.

Read more at BankingTech and IndiaBlooms.

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