Federal Bank India, a private bank entered into the partnership with a blockchain based Ripple Inc. The report was confirmed by Federal Bank Managing Director & CEO, Mr. Shyam Srinivasan and Senior Vice President of Ripple, Mr. John Mitchell. The partnership will allow Federal Bank to implement new cross border payment system.
According to Federal Bank Ripple has offered a safer and more secure remittance mode for banks. Girish Kumar G, company secretary stated, “Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network”
Federal bank runs with 70 years of history and having 1251 branches with over 1655 ATMs and 258 cash recyclers across the country.