Ripple ties up with indusind bank for cross border payments
Private sector IndusInd Bank has tied up with blockchain solution provider Ripple to enhance global payment transactions in and out of India.
Explaining why they decided to partner with Ripple, Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank, said,
“We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of a highly secure infrastructure. Building a digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients and our institutional partners across the world.”
Patrick Griffin, Head of Business Development at Ripple, believes that Blockchain solutions can provide a much more significant impact to the customers of financial institutions in emerging markets.
The payments problem is a global problem, but its negative impact disproportionally affects emerging market. Whether it’s an engineer in the US sending money to his family in India, or a small business owner in Brazil trying to move money to their suppliers in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.
Although ripple has announced partnerships with many banks across the globe people have a misconception about ripple and ripplenet. Although banks may use ripplenet that does not necessarily mean that they will use the xrp token.There has been a debate between people about the actual value of the xrp token , some people even calling it useless.
What do you think? Do you think xrp is overrated? Is the current valuation justifiable? Comment below.
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