State Bank of India Eyes Ripple for Instant Cross-Border Remittance
The State Bank of India is reportedly looking to adopt Ripple financial solutions for instant cross-border remittance.
According to a recent report by the Financial Analyst, Ripple has seen a rapid growth in India. The country’s finance sector has expanded greatly in recent years making it the largest receiver of remittances, with some U$69 billion flowing into the country in 2017. The National lender State Bank of India now wants to use Ripple to power instant remittance payments into the country.
Ripple recently reported that it could be having at least 50% of the Indian market under its docket. The company has been very aggressive while pushing for the wide adoption of its fund transfer solutions; xCurrent and xRapid.
Last month, Ripple announced that Kotak Mahindra Bank will add its 1300 branches to the RippleNet decentralized network of payment providers. Kotak will use xCurrent to power instant remittance payments into the country. Ripple established an office in Mumbai in 2017 in order to work on partnerships in the country. Ripple’s CEO, Brad Garlinghouse commented on the company’s activities in India:
“Improving remittances services into and out of India means less fees and more money for families who rely on those funds that are sent home… This trend is increasing across payment providers and banks inside and outside of the country — further underscoring the mounting opportunity in remittances to India from around the world.”