State Bank of India
State Bank of India (SBI) has tied up with JP Morgan Bank of America for cross border payment. Under this, SBI will now be able to facilitate payment in other countries through blockchain technology. Payment from this technology will be more secure, faster and less expensive than before.
- February 23, 2021, 9:04 AM IST
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.