Kotak Mahindra Bank, a leading Indian private sector Bank, announced its collaboration with Ripple. The company intends to join the network RippleNet and implement xCurrent, product Ripple for payments.

– We use new technologies to simplify and expand banking services for our customers, – says chief digital Director of Kotak Mahindra Bank’s Deepak Sharma. – xCurrent allows us to offer customers more transparent and efficient service to global payments using blockchain technology. Joining RippleNet will also be expanding our payment network worldwide, enabling us to contact other organizations in the network.

Currently, there are more than 25 global financial institutions that are successfully using the solution xCurrent from Ripple and its main objective is to improve the experience of their customers when it comes to cross-border transactions.

– Payments are now a global problem, especially for those in emerging markets tries to send regular remittances low cost abroad, – said the managing Director of Ripple in South Asia Naveen Gupta.

According to a recent survey, domestic remittances to India in the previous fiscal year has reached 69 billion U.S. dollars, which is 8 times more than its foreign remittances. It is reported that every year in the country increases the amount of remittances that makes the big banks of India to implement various technologies to promote their online transactions.

According to the website CoinMarketCap, at the time of writing the material Ripple as a large part of the stock market remains in the red zone, the decline for the past day amounted to about 4%. Price per coin XRP fell below $ 0.45, and the total market capitalization of the asset is at $ 17.4.

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