Blockchain powered payment rail, Ripple recently announced that three banks had gone live with Ripple’s instant payment system. This means that India based Axis Bank, Singapore based Standard Chartered, and Arab Emirates based RAKBANK now supported instant cross-border payments.
Standard Chartered and Axis Bank, now offer their business customers an enhanced payment experience, with international payments going off in minutes and guaranteed settlement. This promises to unlock more value in the $15 billion valued India-Singapore trade corridor.
Due to the growing number of Indian nationals working in the UAE, remittances between the two countries have seen a sharp increase. Ripple enables RAKBANK to offer their customers, who generally move low quantities of money in high volumes, a more efficient and affordable service.
Ripple’s global head of strategic accounts, Marcus Treacher, commented: “Standard Chartered, Axis Bank, and RAKBANK recognize the evolving demands of their customers and are leaning in to better serve their needs today and into tomorrow as expectations for speed and transparency will only rise”
This announcement follows a recent news that American Express and Santander had partnered with Ripple to power their Business-to-Business cross border payments. It seems as though Ripple is only just getting started, and could potentially reform how the world transacts.