Ripple has always committed to creating partnerships in the cross border payments sector, and recently Indusland Bank, a leading Indian bank and Ripple partner, spoke about the advantages of the tie-ups.
Biswabrata Chakravorty, the Chief Investment Officer [CIO] of the bank took to the stage at a recent economic forum where he addressed the plans for developing the cross border world.
In his words:
“As you all know we had recently partnered with Ripple to take cross border transactions to the next level and make it more seamless. A couple of large banks have already tied up with us and even conducted transactions. There are may benefits of building a product on the blockchain because it even enables the elevations of customer experience multifold.”
A majority of Ripple’s partners have revealed that they were successful in conducting transactions across countries and time zones, a task that was considered difficult by mainstream banks. Indusland is one of several native banks who have used Ripple’s native technology to jump aboard the blockchain bandwagon. Chakravorty continued:
“The main advantages of operating on the blockchain are fundamental qualities like transparency and finding out the status of payments etc. In a normal transactions users have difficulty in finding out when their payments will get settled, a concern eliminated by the blockchain technology. Our initial idea was not a world wide connection with banks but just a general area of focus but the partnership with Ripple has inherently managed to it happen.”
The IndusInd Bank official further added that the main expenditures are the costs that pertain to liquidity. According to him, the main idea is to give visibility into the liquidity solution, and the backing of the Interledger protocol is an added help. Chakravorty also elucidated on the different options that customers now have when it comes to types of transfers. He said:
“Customers now have the option of choosing RTEG or NEFT payments, and they are settled in less than 2 minutes. That is something that the customer base is not used to right now, and we want to make sure that the choice is always given.”
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