Great Place to Work - certified
d-talk
SBI Updates
d-talk

State Bank of India joins JPMorgan’s blockchain-based payment network

State Bank of India joins JPMorgan’s blockchain-based payment network

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps. “We have undergone significant digital transformation in recent years and continue to add new technologies to create real value to daily operations,” said Venkat Nageswar, deputy MD – international banking group, SBI. “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring applications as part of the network to better serve our clients.”A spokesperson said JPMorgan said it will expand its blockchain presence in India. The global bank’s blockchain technology — Liink — is meant for a peer-to-peer network, with financial institutions, corporates and fintech companies subscribing to it internationally. This enables users to make secure as well as peer-to-peer data transfers with greater speed and control. It also mitigates risks involved in cross-border transactions.SBI has integrated Liink into its operations to exchange payments-related information with other financial institutions.

https://bfsi.economictimes.indiatimes.com/news/banking/state-bank-of-india-joins-jpmorgans-blockchain-based-payment-network/81164151

 

Categories:


We're listening.

Have something to say about this article?
Share it with us on Facebook, Twitter, Instagram, LinkedIn pages.

March 2021
February 2021
November 2020
September 2020
August 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018

CATEGORIES