SBI will provide payment facility through blockchain technology, fast transfer money at low cost

New Delhi. State Bank of India (SBI) has entered into an agreement with JP Morgan of America to increase the speed of transactions abroad. Under this, SBI will use the blockchain technology of this American bank. After this agreement between the two big banks, SBI customers will be able to save payment time and transaction expenses. Earlier there used to be a fortnight for inquiries and information related to cross border payments, but now with the help of blockchain technology it will be reduced to just a few hours. With this step, cross-border payment will be possible in less steps and in less time. In a news report quoting Venkates Nageshwkar, deputy managing director of SBI International Banking Group, it was said that in recent years we have gone through a phase of digital transformation. We will continue to include new technology even further to improve our daily operations.

He said, ‘We are excited about becoming the first bank in the country to go live on this network. We are exploring this application to provide better network service to our clients. This will also intensify our relationship with JP Morgan.

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JP Morgan says that it is going to expand the scope of its blockchain in India. JPMorgan Chase Bank India Managing Director and Corporate Head PD Singh said, “We are constantly exploring emerging technologies to improve the experience of our clients.”What is this blockchain technology of banks

This blockchain technology of this global bank is a peer-to-peer network for financial institutions, corporates and financial companies. This allows users to transfer data among themselves very fast, controlled and securely. This also helps in dealing with the potential risk during cross border payment. Globally, about 100 banks are using this network. Many other private and government lenders are also considering joining this network with JP Morgan.

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Two more banks in talks with JP Morgan
Blockchain experts say that banks in many countries around the world, including China and Africa, are adopting blockchain-based clearance systems for cross-border transactions. With this, the payment system of these banka is being fixed as well as fast payment is being made at low cost. In this news report it has been said that two big private sector banks in Mumbai are in talks with JP Mowgarn.