Ripple update: Indian bank Kotak joins RippleNet
Kotak Mahindra Bank (Kotak) has joined Ripple’s leading enterprise blockchain network (RippleNet) to provide impetus to its inward cross-border remittances. Kotak will use Ripple’s settlement solution, xCurrent, to provide its customers with real-time cross-border transactions in a safe and secure manner. xCurrent will enable Kotak to reduce the average time associated with remittance payments, to minutes, versus several days, instantly settling cross-border payments and tracking the entire transaction process from end-to-end. The lower fees associated with xCurrent payments also make regular, small inward payments possible at a better rate for Kotak customers.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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