This solution will make it able to reduce the time associated with remittance payments by several minutes. The Chief Digital Officer of Kotak Mahindra Bank claimed on this matter:
We harness new technologies to simplify and enhance banking services for our customers. xCurrent ticks all the boxes, and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.
Chief Digital Officer, Kotak Mahindra Bank, India
At present there are more than 25 global financial establishments that successfully apply Ripple’s xCurrent solution with the major aim to enhance their client experience when it comes to cross-border transactions.
The payments problem is a global problem, particularly for those in emerging markets trying to send regular, low-value remittances overseas. Kotak Mahindra Bank can offer its retail customers a step-change improvement in their inward remittance experience thanks to xCurrent, and we look forward to connecting them to other RippleNet members to expand their global remittance offering.
South Asia Managing Director, Ripple
As declared in the recent study, “India’s inward remittances have reached $69 billion during the previous financial year, which is 8 times more than its outward remittances”. Cross-border remittances are growing in the country with each year and Indian hence major banks are gaining different blockchain technologies in order to push forward their online transactions.
Ripple also suggests another progressive technology that is named xRapid. It provides liquidity for cross-border payments. As of now the solution however has not yet been implemented by many financial intuitions.