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.
Venkat Nageswar, the Deputy Managing Director of SBI, said that the bank has already gone LIVE on Liink.
“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.
“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.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.