The State Bank of India (SBI) is now the first Indian bank to join JPMorgan’s blockchain network, Liink. News of SBI’s integration with JPMorgan’s new blockchain-based interbank data network was revealed by The Economic Times on the 23rd of February.
The integration will allow SBI to offer reduced transaction costs and also improve cross-border payments for customers.
The deputy managing director at SBI, Venkat Nageswar, noted that the bank has gone live on the new blockchain network. He said:
“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients.”
Link was formerly referred to as Interbank Information Network before its rebranding last October. The Link solution currently accommodates about 100 live banks including government-owned and private institutions. The Economic Times added that the Link network has enlisted over 400 financial institutions across 78 countries. Of the financial institutions and corporations, 27 are among the world’s top 50 banks.
Additionally, the managing director of JPMorgan Chase India, Prabdev Singh, said the partnership complements the company’s plan to expand its blockchain space in India. He added:
“We continue to actively explore how emerging technologies can enhance our clients’ experience.”
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