The State Bank of India (SBI) will implement Liink, a blockchain-based solution developed by US investment bank JPMorgan Chase, to improve cross-border payments.
SBI Deputy Managing Director Venkat Nageswar said the bank has joined Liink, a new blockchain-based banking data transfer network developed by JPMorgan. Liink is a peer-to-peer network and ecosystem focused on organizations that work with digital currencies.
The network functions as part of the Onyx project for blockchain research. The service was launched in 2017 as the Interbank Information Network (IIN), but in October 2020, the project was renamed Liink. With blockchain, SBI intends to reduce transaction costs and optimize international payments for its customers.
“We are delighted to be one of the first Indian banks to join this network. We look forward to working more closely with JPMorgan to implement blockchain and further explore its potential, as this technology will improve the efficiency of serving our customers, ”said Nageswar.
According to Prabdev Singh, Managing Director of JPMorgan, Liink’s solution is used in more than 400 financial institutions and corporations in 78 countries, including about 100 private and public banks. Singh added that JPMorgan’s partnership with SBI is aimed at increasing blockchain adoption in India’s financial sector.
Despite the fact that the Indian government is opposed to cryptocurrencies, it does not impede the development of blockchain in the country and creates conditions for the development of the latest technologies. Recently, Indian Finance Minister Anurag Singh Thakur said that the country’s authorities are studying in detail the possibilities of blockchain in order to accelerate the development of the digital economy.
Recall that in early 2019, JPMorgan began testing its own stablecoin JPM Coin, and as early as October last year, this digital currency was first used for commercial payments.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
