Kotak Mahindra joins RippleNet: Yes, it’s true: another financial institution has joined the RippleNet. This is yet another example of how Ripple is working towards solving real-world problems.
On Wednesday, Kotak Mahindra, an Indian bank, posted a press release, in which it stated that it has entered into a collaboration with Ripple.
Specifically, Kotak Mahindra will both be joining RippleNet and using xCurrent for issues associated with cross-border remittances.
Kotak Mahindra Joins RippleNet: What We Know
In the press release, Kotak Mahindra disclosed that it will be using Ripple’s xCurrent in order to slash the time of its cross-border payments.
Usually, these remittance payments take several days, but by using xCurrent, it is possible for Kotak Mahindra to reduce that time to a matter of minutes.
Moreover, by using RippleNet and xCurrent, the Indian private sector bank will be able to instantly settle cross-border payments, as well as track the whole transaction process.
Is Kotak Mahindra Excited about Using xCurrent?
The bank had a lot of positive things to say about RippleNet and xCurrent, which is Ripple’s settlement solution.
Speaking on the matter, Deepak Sharma, the CDO of the bank, said that “xCurrent ticks all the boxes,” and that it enables the bank to do two things, in particular:
1) Allow customers a “more transparent and efficient global payments service using blockchain.”
2) RippleNet expands Kotak Mahindra’s “payment network globally.” How? By allowing them “to connect with other members.”
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