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Standard Chartered, Axis Launch Payments Service With Ripple Tech

Standard Chartered and Axis Bank have announced a new cross-border payments platform built on top of technology developed by Ripple.

Nov 22, 2017 at 5:00 p.m. UTC
Updated Sep 13, 2021 at 7:11 a.m. UTC

Financial institutions Standard Chartered and Axis Bank have announced a new cross-border payments platform built on top of technology developed by Ripple.

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.

indicated that multiple banks, including Standard Chartered, have plans to launch a similar system across several countries next year. Further, the bank was one of a number of institutions of its kind to take part in a $55 million Series B round in Ripple in 2016.

Gautam Jain, who serves as managing director and global head of client access for Standard Chartered, said in a statement:

"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.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Ripples image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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