[ad_1]
Federal Bank India, a private bank, has entered into the partnership with Ripple Inc., a chain of channels, This report was confirmed by the Director General and CEO of the Federal Bank, Mr. Shyam Srinivasan, and by the vice -Ripple's President, Mr. John Mitchell.
According to reports, Ripple and the Federal Bank have signed a partnership agreement. This rapprochement will allow the Federal Bank to take advantage of new corridors such as the "new cross-border payment system". In addition, it was reported that the partnership announcement had left the actions of the Federal Bank a further 52 weeks on March 29.
Ripple is undoubtedly a blockchain company known for its partnership with payment companies and financial technology companies – as such, it defeats the long-time rival, SWIFT. The announcement of the Federal Bank in PDF format, approving Ripple. Ripple offers banks a "safer and more secure" payment method. The agreement signed by Girish Kumar G, secretary of the company, states the following:
The Federal Bank has partnered with Ripple Inc., a global blockchain-backed fund transfer company, for cross-border fund transfers through its network, read the report.
Powered by a blockchain-compatible solution, the Ripple platform ensures much safer and more secure cross-border transactions. This partnership will help the Federal Bank explore new corridors in which Ripple is actively seeking new partnerships. At a meeting held today, Mr. Shyam Srinivasan, Executive Director of the Federal Bank, and Mr. John Mitchell, Senior Vice President of Ripple Inc., signed the partnership agreements.
On one side, the government is reluctant to finalize anything on aspects related to cryptography in India. On the other hand, the Indian Federal Bank headquartered in Kerala (State of India) has entered optimistically into the blockchain space. The bank has 70 years of history, 1251 branches, 1655 ATMs and 258 money recyclers across the country.
We have contacted Federal Bank officials for more details – stay tuned with Ripplecoinnews for more details.
Source link