The State Bank of India, or SBI, a large Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution from US investment bank JPMorgan Chase.
According to a February 23 report from The Economic Times, the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank hopes to reduce transaction costs and improve cross-border payments for its customers.
SBI Deputy Managing Director Venkat Nageswar said the bank was already online on Liink. “We are delighted to be the first bank in India to come online on the network and look forward to a closer partnership with JPMorgan on the implementation and exploration of applications within the network to better serve our customers, ”Nageswar said.
Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain and the digital currency-focused company called ‘Onyx’. Tested in 2017, the product was originally called Interbank Information Network and renamed Liink in October 2020.
Liink’s solution has used more than 400 financial institutions and businesses in 78 countries, including 27 of the world’s 50 largest banks. The network has around 100 banks active on the network, including public and private institutions, according to The Economic Times.
Prabdev Singh, chief executive of JP Morgan Chase India, said the latest partnership with SBI is part of the company’s plans to expand its blockchain presence in India. “We continue to actively explore how emerging technologies can improve the experience for our customers,” he said.
Along with the rebranding to Liink in October 2020, JPMorgan also launched its exclusive JPM Coin stablecoin. As previously reported by TBEN, stablecoin is implemented for cross-border transactions.