The State Bank of India or SBI, a major Indian government bank, tries to improve cross-border payments with a blockchain solution from US investment bank JPMorgan Chase.
According to a February 23 report in the Economic Times SBI joined Liink, A new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects Reduce transaction costs and improve cross-border payments For your customers.
The deputy managing director of the SBI, Venkat Nageswarsaid the bank was already activated in Liink. “We are excited to be the first bank in India to go online and look forward to partnering more closely with JPMorgan in implementing and researching applications as part of the network to better serve our customers.”Nageswar declared.
Liink is a peer-to-peer network and ecosystem that operates under the umbrella of JPMorgan’s blockchain network and the business focused on the digital currency “Onyx”. The product tested in 2017 was originally called the Interbank Information Network and was renamed Liink in October 2020.
The Liink solution has spanned more than 400 financial institutions and corporations in 78 countries, including 27 of the world’s 50 leading banks. The network has around 100 active banks, including government and private institutions, according to The Economic Times.
Prabdev Singh, CEO of JP Morgan Chase India, said that The latest partnership with the SBI coincides with the company’s plans to expand its blockchain presence in India. “We continue to actively explore how new technology can improve the experience for our customers,” he said.
Together with the renaming to Liink in October 2020 JPMorgan also launched its stablecoin JPM Coin. As Cointelegraph has already reported, the Stabelcoin will be implemented for cross-border transactions.