Axis Bank and Standard Chartered – financial institutions, have just declared that using Ripple Tech they are planning on a new cross-border payment platform to be built.
Unveiled today, the platform – which will connect corporates between Singapore and India – will be accessible through Standard Chartered’s Straight2Bank system. According to SC’s release, the platform will allow users to see all fees up front, pre-validate transactions and thereby more quickly settle them.
Similar systems and platforms have been reported to be launched by several banks back in March throughout various countries next year. To define the reports even more, SC was just one of many financial institutions that took part in a $55 million Series B round in Ripple last year.
The managing director and global head of client access for Standard Chartered – Gautam Jain, stated:
“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”
Not included in the cross-border platform is Ripple’s XRP digital asset. A spokesperson for the startup confirmed that SC and Axis are not using XRP to facilitate transactions between Singapore and India.