Kotak Mahindra and Axis Banks Use Ripple-Backed Lastmile for Blockchain Cross Border Remittances
The multi-country and multi-currency cross-border remittance platform called LastMile banks and other firms can reduce their expenditures and perform more efficient cross-border transactions. LastMile is part of Avenues Payments India Pvt. Ltd, the No.1 eCommerce service provider in Asia. Now, the LastMile platform is being used by Kotak Mahindra Bank and Axis Bank.
Kotak Mahindra and Axis Bank Start Using LastMile
In a recent announcement, Kotak Mahindra Bank and Axis Bank announced that they started using LastMile services in order to send and receive payments efficiently.
It is worth mentioning that Avenues Payments has already partnered with Ripple and integrated LastMile with the cryptocurrency and blockchain company. Using Ripple’s technology, LastMile users can easily send and receive payments through Ripple’s blockchain in just a few steps.
Nonetheless, these are not the only financial institutions that are using Ripple’s technologies in order to perform cross-border payments. Other Ripple customers are also using Avenue Payments for their remittance platforms, including Bahrain Financing Company (BFC), Yes Bank and IndusIND.
Ripple has been expanding all over the world providing services and products to different companies that aimed at improving their cross-border payment services. The company has already welcomed more than 200 firms to its network and the intention is to keep growing in the near future.
XRP, the digital asset used by Ripple, has also been expanding in the market. At the time of writing this article, XRP Is the third largest cryptocurrency with a market capitalization of $15.26 billion. At the same time, each XRP can be purchased for $0.365.
Using xRapid, one of the latest products released by Ripple, it is possible for firms to source their liquidity through XRP and reduce costs and times when moving funds among borders. There are some corridors that are already helping individuals and firm process fast and streamlined transactions. Some of the countries supported are the United States, the Philippines, Mexico and the United Kingdom.