State Bank of India has joined JPMorgan’s blockchain network to improve international payments.
The Indian state bank wants to improve cross-border payments with a Bitcoin Era solution from the American investment bank.
The State Bank of India (SBI) has joined the Liink network. Liink is a blockchain-based inter-bank network from JPMorgan . Liink is supposed to improve the international payment traffic of the SBI. In addition, transaction costs for bank customers are reduced.
State Bank of India has already gone live on JPMorgan’s network
We are excited to be the first bank in India to go live with the network and look forward to partnering more closely with JPMorgan in implementing and researching applications as part of the network to better serve our customers.
Venkat Nageswar, deputy managing director of SBI
Liink is a peer-to-peer network operated by JPMorgan. It runs under Onyx , JPMorgan’s blockchain business. The project, which started in 2017, was originally called the “Interbank Information Network”. In October 2020 it was renamed to Liink.
In connection with the renaming to Liink, JPMorgan introduced its own stablecoin. The JPM-Coin is used for cross-border transactions
More than 400 financial institutions and companies in 78 countries are part of the Liink network. This includes 27 of the 50 largest banks worldwide. 100 banks are currently live in the network, including state and private institutions.
The partnership with the SBI is in line with JPMorgan’s plans. According to Prabdev Singh, Managing Director at JPMorgan Chase India, the financial institution is looking to expand its blockchain presence in India.
“We continue to actively research how new technologies can improve our customers‘ experience,” he added.