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An official update from Ripple has revealed that three banks, Axis Bank from India, Standard Chartered from Singapore and RAKBANK from UAE will be using RippleNet for seamless cross-border payments.

Speaking on the development, Ripple’s global head of strategic accounts, Marcus Treacher said:

“Standard Chartered, Axis Bank, and RAKBANK recognize the evolving demands of their customers and are leaning in to better serve their needs today and into tomorrow as expectations for speed and transparency will only rise. This commercial service is a significant step toward helping corporates and migrant workers around the world unlock trillions of dollars in trapped working capital, accelerate global commerce, and send vital funds home as quickly as possible.”

This is a significant move, since it aims to facilitate two major transactional corridors – the first being the Singapore-India, where business transactions amount to around $15 billion. The second is the remittance volume between UAE and India, which is largely due to the high ratio of Indian workforce in the United Arab Emirates. 

Axis Bank’s President of Transaction Banking, Himadri Chatterjee lauded the positive development:

“While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”

Ripple seems to be moving from strength to strength under CEO Brad Garlinghouse’s leadership, and has managed to forge partnerships with some of the most prominent banks and institutions in the world.

The startup, which provides a blockchain-powered payment network service, excels in the ability to handle large-volume transactions. Additionally, while Ripples (XRP) is the network’s proprietary cryptocurrency, partner banks and institutions don’t necessarily have to use it, but it is required for fees, which are considerably lower than cryptocurrencies like Bitcoin.