India’s largest bank, State Bank of India (SBI) is joining the financial giant JPMorgan’s blockchain payments network to bring more efficient international transactions and payments to users.
The public sector bank, largest by various metrics, will use JPMorgan’s blockchain platform to alter cross-border payments and reduce costs, according to a report from Economic Times Tuesday.
Dubbed Liink, the blockchain network is based on a fork of Ethereum and has already been integrated by approximately 100 banks.
Liink was designed to connect different banks in a peer-to-peer fashion and help to remove inefficiencies from cross-border payments and other functions.
SBI wants the time of 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 from India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring applications as part of the network to better serve our clients,” said Venkat Nageswar, deputy managing director of international banking at SBI.