After Yes Bank, Axis Bank & Insusland bank , Kotak Mahindra Bank also joins RippleNet, Ripple’s enterprise blockchain network(xCurrent) to enable inward remittances.
Note to remember, the blockchain solution does not use Ripple’s token cryptocurrency XRP, which powers a separate product in xRapid.
By using xCurrent, Kotak says the average time to settle international money transfers could come down to minutes instead of several days. The bank’s retail users can also remit smaller sums of money frequently at lower rates, the bank confirmed.
Recognizing India as a priority market with over $70 billion in inward remittances in 2017, Ripple expanded into the country by opening an office in Mumbai.
