India's Largest Bank Joins JPMorgan's Blockchain Payments Network

Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.

AccessTimeIconFeb 23, 2021 at 10:00 a.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

State Bank of India (SBI) is joining JPMorgan's blockchain payments network to bring more efficient international payments to users.

  • The public sector bank, India's largest by various metrics, will use JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs, according to an Economic Times report Tuesday.
  • Dubbed Liink, the blockchain network is based on a fork of Ethereum and has already been integrated by around 100 banks.
  • Liink was designed to connect banks in a peer-to-peer fashion and help remove inefficiencies from cross-border payments and other functions.
  • SBI expects the time for transactions to be reduced to several hours from up to a fortnight previously, sources told the Economic Times.
  • “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients,” Venkat Nageswar, deputy managing director of international banking at SBI, told the publication.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.