Federal Bank Ltd. In India Confirms Official Partnership With Ripple
One of the most highly publicized developments to come from Ripple is the xRapid Network, which offers a connection between a wide selection of financial institutions. Ripple is making new friends by the day, and the latest to partner with them is the Federal Bank Ltd. in India. The Federal Bank made this announcement on March 28th.
The announcement states that the new partnership will allow the Federal Bank to participate in cross border remittance via the Ripple network. The announcement adds that the Ripple platform offers “safer and secured” cross border transactions for the bank, and the partnership was confirmed by CEO Shyam Srinivasan and Senior VP John Mitchell of Ripple.
“Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network. Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secured. This partnership will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships. In a meeting held today Mr. Shyam Srinivasan, Federal Bank MD & CEO and Mr. John Mitchell, Senior Vice President Ripple Inc, signed the agreements for the partnership.”
In a statement on the new development, Srinivasan said that the Federal Bank is crucial to India’s remittance industry. Considering this major role, he added that it is “only natural” for them to bring in “the latest technology,” which is what led them to Ripple. The bank already has a blockchain ledger for remittance, which the company chose to upgrade recently as well. The new platform makes it easy to use their current solutions in cross-border transactions that Ripple supports.
So far, Federal Bank is the fifth Indian bank to join the Ripple network, following Yes Bank, Axis Bank, IndusIND, and Kotak Mahindra. The bank itself is a leader in the private sector and has been active for the last 70 years. Presently, the bank has over 1200 branches, with 1665 ATMs.