Kotak Mahindra Bank and Ripple (XRP) Partner to Use xCurrent Remittance Payments
Ripple Improves Access To India With Help From The Kotak Mahindra Bank
The banking sector has grown a lot in India recently. More than 80% of the adults in the country currently have bank accounts, a figure that more than doubled in this decade alone. India has received over $69 billion USD in remittances into the country in 2017. This data indicates that Indian financial institutions are developing and that the country has a giant demand for these services.
By watching this, Ripple decided to open an office in Mumbai in 2017 and has already began to make partnerships with other companies from the country. By using RippleNet, a decentralized network that connects banks via the blockchain technology, the company has recently announced a partnership with the Kotak Mahindra Bank.
The Partnership with Kotak Mahindra Bank Will Use The xCurrent Technology
The Kotak Mahindra Bank has over 1300 branches in India and, by using RippleNet and the xCurrent software, the company will be able to receive and send money from the country in an even more efficient way that it is able to do it. Clients will be able to settle cross-border payments with end to end tracking in minutes and paying less than they used to.
Other banks in the region are also joining xCurrent and RippleNet. In November, it was Axis Bank and in February it was IndusInd.
All these banks will connect users with other members outside of India and help to expand the development of banking in the country.