Axis Bank has become the first bank in India to use Ripple’s blockchain network for cross-border payments.

The bank, the third largest in the private sector, will use the network for real-time settlement as it targets future growth.

Amit Sethi, president and CIO at Axis Bank, says: “We will come out with solutions for our customers soon, but we don’t want to commit to any time frame.”

Its interest in blockchain is not new as recently it partnered with India-based Kotak Mahindra Bank to test blockchain for new client-facing services.

Bitstamp’s bit

Along with the Axis deal, Ripple has revealed that Bitstamp, a digital asset exchange, will launch trading of Ripple’s Digital Asset XRP.

This is specifically XRP/EUR and XRP/USD trading pairs, which will be available for trading on Bitstamp’s exchange from 17 January. They will be available to all customers and regions currently supported by Bitstamp, and payment processors can use this XRP liquidity for cross-border payments to and from Europe.

“After evaluating a number of digital currencies for inclusion on our exchange, it soon became clear that customer demand for XRP was particularly strong,” says Nejc Kodrič, CEO at Bitstamp.

Ripple says XRP was “created specifically for institutional settlement in seconds” and cites R3’s recent trial with XRP for interbank cross-border payments as an example.

@banking
techno