Private sector lender Axis Bank became the third in the country to announce usage of blockchain solutions for operations. This follows ICICI and Yes Bank.
Axis Bank is led by Shikha Sharma. It will use the upcoming technology for remittances across border.
Blockchain technology will offer real time, reasonably priced money transfers.
Blockchain solutions is a distributed database maintaining list of ordered records called blocks.
It reduces turnaround time and is transparent. It also ensures zero errors.
Axis Bank has tied up with fintech firm Ripple to offer the solution.
As against 5 days to transfer money, blockchain can do it instantly.
Singapore is also set to launch blockchain-based electronic payment system soon
Second largest lender ICICI Bank was the first to announce block chain solutions in October 2016. This was followed by Yes Bank which announced in Dec 2016 that it will use the technology for vendor financing.