The State Bank of India, or SBI, a major Indian state bank, is trying to improve cross-border payments with a blockchain solution from the American investment bank JPMorgan Chase.
SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan, according to a February 23 report in the Economic Times. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.
SBI’s deputy general manager Venkat Nageswar said the bank had already gone live on Liink. “We are excited to be the first bank in India to join the network live and look forward to partnering more closely with JPMorgan in implementing and researching applications as part of the network to better serve our customers.” explained Nageswar.
Liink is a peer-to-peer network and ecosystem that operates under the umbrella of JPMorgan’s blockchain and digital currency business called “Onyx”. The product piloted in 2017 was originally called the Interbank Information Network and renamed Liink in October 2020.
The Liink solution has recruited more than 400 financial institutions and companies in 78 countries, including 27 of the world’s top 50 banks. The network has around 100 live banks on the network, including both government and private institutions, according to The Economic Times.
Prabdev Singh, managing director of JP Morgan Chase India, said the recent partnership with the SBI is in line with the company’s plans to expand its blockchain presence in India. “We continue to actively explore how new technology can improve our customers’ experience,” he said.
In connection with the renaming to Liink in October 2020, JPMorgan also launched its proprietary stablecoin JPM Coin. As previously reported by Cointelegraph, the stablecoin will be implemented for cross-border transactions.
