In an announcement [PDF], Kotak Mahindra Bank revealed it use San Francisco-based Ripple’s blockchain technology to power inward international remittances in India, the world’s largest remittance receiver. Specifically, Kotak will use Ripple’s enterprise blockchain software, xCurrent, to enable end-to-end tracking of instant payments and settlements over RippleNet, the company’s enterprise blockchain network.
Notably, the blockchain solution does not use Ripple’s token cryptocurrency XRP, which powers a separate product in xRapid.
By using xCurrent, Kotak says the average time to settle international money transfers could come down to minutes instead of several days. The bank’s retail users can also remit smaller sums of money frequently at lower rates, the bank confirmed.
Kotak Mahindra’s chief digital officer Deepak Sharma stated:
xCurrent ticks all the boxes and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.