State Bank of India tied up with JP Morgan to use the us banks’ block chain technology to speed up overseas transactions. The tie up is expected to reduce SBI customer’s transaction costs and time taken for payments, sources said. Time taken to resolve cross border payments related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross border payments reach beneficiaries faster and using limited steps.
We know the first bank of India to go live on the network and look forward to partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients, He said.
The Global banks block chain technology is meant for a peer-to-peer network, with financial institutions, corporates and fintech companies subscribing to it internationally. It was very useful for speed and control transactions. This link gives a security and guarantee for unconditional bulk transactions. And it’s give secure for our transactions.
Globally, about 100 banks are now live on the network. Many other local lenders, both government and private are said to be in talks with JP Morgan on the same.