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Julian_Williams

Federal Bank Ltd. (Mumbai) Partners Ripple To Accelerate Cross-Border Remittances

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Posted (edited)

Looks good for the future. But just so people don't misunderstand, its a private bank in India, not the federal reserve bank.

Edited by Archbob

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Posted (edited)

Yeah, but holdings is the one Ripple is partnered with. Yoshi is the CEO is SBI Holdings(the entire company) and he's one of XRP's strongest supporters. Also, you have Santander which is far larger than either of these that's already a partner of Ripple. Its another good partnership, but not earth shattering considering the partnerships Ripple already has.

Edited by Archbob

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Posted (edited)

https://gulfnews.com/business/banking/indias-federal-bank-to-offer-blockchain-based-remittance-solutions-to-nris-1.62967085
 

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“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks,” said Shyam Srinivasan, MD & CEO, Federal Bank.

The bank has recently upgraded its blockchain platform for remittances. The new easy-to-plug-in platform enables exchange houses and banks in the Middle East to connect their existing solutions to make seamless, real-time transactions. Lulu Exchange, a UAE based exchange has gone live with this upgraded cross-border remittance platform.

The bank has also launched a platform for NRIs to send money through exchange houses and banks using an easy-to-remember Virtual Payment Address (VPA) of the beneficiary. The platform which rides on the capabilities of UPI 2.0 — the upgrade of the Unified Payment Interface by National Payment Corporation of India — allows customers to make remittances to India using a virtual payment address.

 

It would be good to get an XRapid corridor open up between the UAE and India; is that a fantasy too far?. 

 

anyone heard of Luluexchange.com? https://luluexchange.com/

down the rabbit hole and you finally get to The National Payments Corporation of India and Nominees from Reserve Bank of India

and The National Payments Corporation of India (NPCI; Hindi: भारतीय राष्ट्रीय भुगतान निगम) is an umbrella organisation for operating retail payments and settlement systems in India.
 

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WIKIPEDIA:The National Payments Corporation of India (NPCI; Hindi: भारतीय राष्ट्रीय भुगतान निगम) is an umbrella organisation for operating retail payments and settlement systems in India.

Presently, there are ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). The Board consists of Biswamohan Mahapatra as the Non Executive Chairman, Nominees from Reserve Bank of India and Nominees from ten core promoter banks.

 

 

Edited by Julian_Williams

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Speaking in terms of potential i would argue that this partnership is more significant then both SBI and Santander. Markets like India where there is a huge demand for cheap services and where every 50 cents counts for the citizens, that is markets where the real potential lies for adoption.

https://en.wikipedia.org/wiki/Remittances_to_India

"Remittances to India are money transfers from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's leading receiver of remittances, claiming more than 12% of the world's remittances in 2015.Remittances to India stood at US$68.91 billion in 2015, accounting for over 4% of the country's GDP."

15% of that market is HUGE.

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Posted (edited)

We have a network here for remittance UAE to India

https://gulfnews.com/business/personal-finance/digital-brings-down-cost-of-money-transfers-1.2243532
 

Quote

 

It enables instant fund transfers to all major remittance markets through the bank’s online and mobile banking platforms, free of charge and at competitive rates.”

Typically, the standard transfer fee on remittances from the UAE is between Dh15 to Dh70, depending on the place where the money is sent, with an additional 5 per cent VAT on the service charges.

“In recent years, remittance costs in the UAE have fallen significantly and they are now some of the lowest in the world,” says Rohit Garg, Head of
Business Banking, Mortgages and Remittances at Mashreq. “Additionally, customers here enjoy some of the fastest, most sophisticated, convenient
and advanced remittance services on the planet — all available 24/7 at the touch of a button.”........

 

......In February, it partnered with US blockchain start-up Ripple to facilitate real-time cross-border remittance payments as it looks to bring the cost of transactions down for its customers. “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions,” Promoth Manghat, CEO of UAE Exchange Group, said in a statement at the time.

Digital partnerships

Collaborating with startups helps traditional players in the market to gain ground while also helping them stay relevant. LuLu Exchange, which has over 180 branches across the UAE, Oman, Kuwait, Bahrain, India, the Seychelles and Philippines, invested $3.5 million (Dh12.8 million) in tech start-up Arkin Technologies earlier this year.

With plans to shift nearly 30 per cent of its transactions to the digital platform by 2020, “the partnership with Arkin is aimed at offering customers simple and smart digital financial solutions”, said Adeeb Ahamed, Managing Director, LuLu Exchange, in a statement.

 

 

Edited by Julian_Williams

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47 minutes ago, Inequivalent said:

HOLY ****, This may be the biggest partnership of all time in crypto space? This bank is in another universe ABOVE SBI...

 

SBI is not a bank. But not sure if this Indian bank is that big, but haven’t done research yet

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1 hour ago, Julian_Williams said:

With a strong customer base of 8 million loyal customers [3], including 1.2 million NRI customers and a large network of remittance partners across the world, Federal Bank handles more than 15% of India’s inward remittances. The Bank has got remittance arrangement with more than 110 Banks/Exchange Companies across the world.

nice!

1 hour ago, Julian_Williams said:

The Bank is also listed in BSE, NSE and London Stock Exchange

hmmm!

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