Blockchain powered payment company Ripple announced that three new banks will be using RippleNet, a network of independent banks and payment providers. To meet the demand for real-time payment services, Axis Bank (based in India), Standard Chartered (Singapore), and RAKBANK (United Arab Emirates) will now use RippleNet to send live cross-border payments.
The banks here will use Ripple’s solution to power real-time, on-demand corporate payments from Standard Chartered to Axis Bank, and retail remittance payments from RAKBANK to Axis Bank beneficiaries. Now, live payments are completed in just minutes, with the certainty of settlement.
Live corporate payment services on RippleNet
For Standard Chartered and Axis Bank, the Ripple-powered corporate payment service will allow each bank to offer their business customers an enhanced payments experience, ultimately enabling their end-customers to manage their cash flow, costs, and float better.
By Ripple’s calculations, there are between 200-300 large, international corporates with regional treasury hubs in Singapore. These corporates span industries including fast-moving consumer goods (FMCG) and retail.
Often these corporates manufacture their products in India before shipping them to Singapore for worldwide distribution. In fact, the Singapore-India trade corridor is worth $15 billion…