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State Bank of India Joins JPMorgan To Improve Cross-Border Payments With A Blockchain Technology

The State Bank of India (SBI), the major Indian government-owned bank, has joined JPMorgan to improve cross-border payments with blockchain technology.

It has been reported that the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan.

However, by integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.

The State Bank of India did what? They joined @JPMorgan’s Liink program, which is a new blockchain-based interbank data system. (Reporting via @coindanslecoin) — Cointelegraph (@Cointelegraph) February 23, 2021

Venkat Nageswar, the Deputy Managing Director of SBI, said that the bank has already gone LIVE on Liink. 

He added:

“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients.”

The report said that the Liink solution has enlisted more than 400 financial institutions and corporations in 78 countries, including 27 of the world’s top 50 banks, as the network has around 100 LIVE banks on the network, including both state-owned and private institutions.

Likewise, Prabdev Singh, the Managing Director of JPMorgan Chase India, said that the latest partnership with the SBI falls in line with the company’s plans to expand its blockchain presence in India.

He added:

“We continue to actively explore how emerging technologies can enhance our clients’ experience.”

Thus, in conjunction with the rebranding to Liink in October 2020, JPMorgan also launched its proprietary stablecoin, JPM Coin.

Source: Cointelegraph



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