Ripple improves access to India with Kotak Mahindra Bank


Ripple Insight :

Ripple has recently welcomed Kahina Van Dyke as senior vice president in development sector. As it has taken up global payments at next level with introducing internet of value. Ripple aims to provide quick payment services as information is spreaded in internet. Well, they have decided to take up their road map at next level.

Announcement :

Ripple has recently announced that they are improving their access to India with Kotak Mahindra Bank. However, everyone knows nowadays that growth in banking sectors is increasing day by day. In fact, 80% adults have their accounts, the value is enough to indicate the banking sector.

India is largest remittance transaction country from several years. About $69 billion is flowing in the country in late 2017. Though India is critical equations when it comes to finance and global economy. As it has gone through demonetization recently. Demonetization has left large impact on every small or large scale bussinesses.

Anyways, Ripple decided to establish their business office in Mumbai. In order to make alliance with financial institution across the country. Their basic aim is to improve their access of business for consumers as well as businessman.

RippleNet :

They have done this by using their own RippleNet a decentrilized network. The network connects payment providers and bank through their technology. They announced new addition that is Kotak Mahindra Bank which is spreaded across the country having over 1300 branches.
Kotak will use xcurrent to transact the payments in country.

However, it was not easy to track payments in minutes or hours, it takes days to track that. Now, it is easy to track cross border payments for customers of Kotak just in seconds or minutes.

Related : Global Payments by Ripple 

Moreover, not only Kotak but also other banks have also joined RippleNet to make their payment system more quickly. That includes Axis Bank and IndusInd. The banks are expanding their remittance services inside and outside of the country using RippleNet. However, it requires less fees and more quick services to catch more eyes.

Conclusion :

Ripple has recently announced that they are improving their access to India with Kotak Mahindra Bank. It is expanding their network globally day by day. Anyways, they have improved their services and made it accessible to customers of India using xcurrent.

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