Ripple (XRP) has collaborated with Kotak Mahindra Bank (the largest bank in India) to improve access to the nation by allowing cheaper and faster remittance payments. The bank joins other financial institutions like Standard Chartered that have already implemented the network of Ripple to improve their international transactions and attract new markets.
The Recent Partnership of Standard Chartered
Recently, Standard Chartered collaborated with Hong Kong-based Alipay and Philippine-based Gcash to offer quick remittance services between the two nations by leveraging the XRP ledger of Ripple. Hong Kong and Philippine have had low liquidity between the pairs of their currency, making it expensive and difficult to transact between them.
Nevertheless, via XRP, banks are able to simplify transactions between such currencies, improving the efficiency in the market and opening up new markets.
Ripple’s Dominance in India
More than 80 percent of the adult population in India have bank accounts, and when it comes to remittances received in the last couple of years, the country has consistently led. Last year alone, more than $69 billion was remitted into the nation.
This creates a very good opportunity for Ripple (XRP) and in 2017, the firm established offices in the country to ease partnerships with banks in order to enhance access to financial services via RippleNet – a decentralized platform that allows banks and payment providers to connect with one another via the XRP ledger.
Kotak will use xCurrent (Ripple (XRP) software) to enable spontaneous remittance payments into the country, joining other regional financial institutions such as Induslnd and Axis Bank which are already using the network of Ripple.
The XRP ledger and xCurrent software of Ripple provide an avenue for banks to streamline their services for cheaper and faster international transactions.
Ripple Price Today: Current Price of XRP
Ripple is ranked 3rd in the world and it has a market cap of $17.54 billion. The coin is currently trading at 44 cents after a decrease of 3.9 percent in the last twenty-four hours.