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The State Bank of India collaborates with banking giant, JP Morgan to employ the U.S. bank’s blockchain technology, Liink. India’s Economic Times reported about this collaboration, which will reduce consumer transaction cost and time. The report verifies that the SBI has accompanied a brand new interbank data network acquired by JPMorgan based on blockchain. The report states that with the integration of technology, there will be a reduction in the cost of cross-border transactions.
Venkat Nageswar, the SBI’s deputy manager, elucidates that the government-owned bank has already gone live on Liink. Liink offers commercial solutions for banks and corporate users, which intends to revolutionize how money circulates. Moreover, this technology utilizes Onyx’s blockchain platform, which is Institutional grade and infinitely scalable. Furthermore, Liink has 352 banks and competing corporations, with SBI as the first Indian bank to sign up to this network. Earlier, Liink was known as the Interbank Information Network.
Link to make transactions secure
SBI has combined the network into its operations, simultaneously with various other banks globally, to accomplish enhanced information data and transaction flows worldwide. However, it is the first bank in India to do so. Aside from making payments quicker and cheaper, blockchain payment networks like Liink allow users to execute secure transactions promptly. The managing director at JPMorgan Chase India, Prabdev Singh, illustrated the American bank’s latest association with India’s State Bank. According to him, the company has intentions to develop its blockchain presence in India with this alliance. In enhancement to the rebranding of Liink, the company also introduced JPM coin, its proprietary stablecoin, which helps in cross-border transactions.
With various banks adopting blockchain-based clearance systems for cross-border transactions, blockchain technology companies and networks expand and provide solutions for financial institutions, corporations, and fintech companies. In a recent update, Liink strives to empower banks to pre-validate an account before making payments and warrant that the payment method regulates the specific country or currency regulations.