The State Bank of India or SBI, India’s largest state-owned bank, seeks to improve cross-border payments with a blockchain solution from the US investment bank JPMorgan Chase.
SBI has joined Liink, a new blockchain-based interbank computer network developed by JPMorgan, according to a February 23 report by The Economic Times. By integrating technologies, the bank expects to reduce transaction costs and improve international payments to its customers.
SBI Deputy CEO Venkat Nagiswar said that the bank has already launched LINK. “We are pleased to be the first bank in India to launch direct online operations, and we look forward to working more closely with JPMorgan to distribute and explore applications as part of the network to better serve our customers,” said Ngeswar. .
Liink is a peer-to-peer network and ecosystem powered by JPMorgan’s blockchain and cryptocurrency-focused business called Onyx. The product that was tested in 2017 was called the Interbank Information Network, and in October 2020 it was renamed Liink.
Liink’s solution has attracted more than 400 financial institutions and companies in 78 countries, including 27 of the world’s 50 largest banks. According to The Economic Times, the network has around 100 direct banks, including public and private companies.
Prabdev Singh, CEO of JP Morgan Chase India, said that the recent partnership with SBI is in line with the company’s plans to expand its blockchain presence in India. “We continue to explore how new technology can improve our customer experience,” he said.
In connection with the Liink restructuring in October 2020, JPMorgan also issued its own JPM coin. As Cointelegraph previously reported, stablecoin is used for cross-border transactions.