India’s Largest Bank Joins JPMorgan’s Blockchain Payments Network
State Bank of India (SBI) is joining JPMorgan’s blockchain payments network to bring more efficient international payments to users.
The public sector bank, India’s largest by various metrics, will use JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs, according to an Economic Times report Tuesday.
Dubbed Liink, the blockchain network is based on a fork of Ethereum and has already been integrated by around 100 banks.
Liink was designed to connect banks in a peer-to-peer fashion and help remove inefficiencies from cross-border payments and other functions.
SBI expects the time for transactions to be reduced to several hours from up to a fortnight previously, sources told the Economic Times.
“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients,” Venkat Nageswar, deputy managing director of international banking at SBI, told the publication.
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