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IndusInd Bank To Partner With Ripple For Instant Remittances

Today, the Indian bank IndusInd Bank stated that they will rely on Ripple’s RippleNet to make cross-border remittances efficiently. By using RippleNet, Ramesh Ganesan, Head of IndusInd Bank, stated that they aspire to reduce costs in transactions and speed up confirmations.
“We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of a highly secure infrastructure. Building a digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients and our institutional partners across the world.” he declared.
The remittance business segment is huge in India. India is the world’s leading receiver of remittances, claiming more than 12% of the world’s remittances in 2015. That’s why the banks have it as a pivotal operation in its business.
This year Ripple has been on a streak, gaining momentum with some important bank deals in India, Latam, and Asia. Even Western Union has eyed Ripple for cross-border transactions.

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