India’s largest bank, SBI – State Bank of India is joining JPMorgan’s blockchain payments network to bring more efficient global payments to users.
The public sector bank, India’s leading by various metrics, will use JPMorgan’s blockchain platform to assist accelerate cross-border payments and reduce costs, consistent with an official report by reporting media, Economic Times, earlier today on Tuesday.
Referred Liink, the blockchain network is predicated on a fork of Ethereum [ETH] and has already been integrated by around 100 banks.
Liink was designed to attach banks within a p2p [peer-to-peer] fashion and assist remove inefficiencies from cross-border payments as well as other functions.
SBI expects the time for transactions to be reduced to many hours from up to a fortnight earlier, sources told the Economic Times.
“We are excited to be the primary bank in India to implement the network and look forward to closer collaboration with JP Morgan on implementation and exploring application as a part of the network to raised serve our clients,” Venkat Nageswar, deputy director of international banking at SBI, explained within the interview.