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India’s Federal Bank Partners with Ripple to Use XRP for Cross-Border Payments

The announcement states that the new partnership will allow the Federal Bank to participate in cross border remittance via the Ripple network.

The announcement adds that the Ripple platform offers “safer and secured” cross border transactions for the bank, and the partnership was confirmed by CEO Shyam Srinivasan and Senior VP John Mitchell of Ripple.

The private sector bank has entered into this partnership with Srinivasan saying that the Federal Bank is crucial to India’s remittance industry. Considering this major role, he added that it is “only natural” for them to bring in “the latest technology,” which is what led them to Ripple.

With Ripple, and as a pioneer in using advanced technology, the Indian lender has also launched a new app targeting the NRI community to receive OTPs and alerts for transactions in their accounts with Federal Bank instantly and securely.

Srinivasan said:

“The app solves the problem of delayed delivery of OTPs and alerts and it is available in both Android and iOS platforms.”

He estimated that remittances to India in 2018 would far surpass $70 billion. According to the World Bank forecast, India would retain its position as the world’s top recipient of remittances in 2018 with its diaspora sending a whopping $80 billion back home. He said the Indian banking sector witnessed another year of robust growth with a credit growth of 14 percent and deposit growth of 10 percent.

Shares of Federal Bank rallied more than 2 percent intraday on March 29 after the announcement. The share touched its 52-week high of Rs 105 and 52-week low of Rs 67.05 on 9 May 2018 and 4 October 2018, respectively.

At 1319 hrs, Federal Bank was quoting Rs 95.90, up 2.51 percent on the BSE.

Japanese financial giant SBI says 13 banks are investing in MoneyTap, the company’s Ripple-powered mobile payments app.

MoneyTap launched in October of last year, giving customers at a consortium of banks the ability to make instant domestic payments requiring only a bank account, phone number or QR code. The app utilizes Ripple’s xCurrent to power payments in real time with lower domestic transfer and ATM fees.

According to SBI Holding, the 13 banks which will be investing in Money Tap includes: Ehime Bank, Kiraboshi Bank, Keiyo Bank, Sanin Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank, Hiroshima Bank, Fukui Bank, Hokuriku Bank and Seven Bank.

Of particular note is the inclusion of Seven Bank, which is owned by Seven & i Holdings, a major distribution company. Seven Bank is the country’s largest convenience store ATM provider, and has over 25,000 ATMs already in operation. It also has ATMs in the United States and Indonesia.

MoneyTap Co. Ltd in an acknowledgment statement aired that since the API connection support service “Fintech Platform” created by the SBI group would be used to handle the Money Tap application, it will be supporting the introduction of the service by financial institutions.

The XRP community and the developers in the ecosystem have been persistent to increase the viability of XRP and in turn the XRP Ledger. In the latest series of developments, Dev Null Productions, a software production agency, released XRBP, an interface that allows easy access to the XRP Ledger.

From the company, they said they are pushing Ripple because they’re wanting it to be the future of money.

Announcing XRBP – The Ultimate Interface to the #XRP Ledger!

Now available on github:https://t.co/KGk28Lskru

Read about it on the Dev Null Blog:https://t.co/cJtUhFhYfp

Get it while it's hot!!!

— /dev/null productions (@DevNullProd) March 27, 2019

The XRP Ruby interface’s code includes an XRBP library and a new web socket connection to s1.ripplecom. The platform keeps interchangeability and customizations as its core ideology which resulted in plugins that offer multiple features. The existing plugins provide users the ability to automatically timeout inactive connections and reestablish the link between broken servers.

A former NASA employee who worked at Ripple from June 2013 to May 2018, self-declared former Ripple “Graybeard” Bob Way, explained that the company’s start was based on the notion that someone should create a better Bitcoin.

“I don’t want to sound like I’m a Bitcoin hater, because I’m a Ripple lover – and people think you’re one or the other. But, Bitcoin, when I discovered it, was the most amazing, awesome thing in the world, because they solved this really hard problem which is how to do peer-to-peer money without some central authority. So the idea was just, ‘Hey, we’re just a bunch of people. Let’s make our own money,” Bob Way said.

* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.

India’s Federal Bank Partners with Ripple to Use XRP for Cross-Border Payments

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