State Bank of India (SBI), the largest public sector bank of India, has joined JPMorgan’s Blockchain-based payment network Liink. SBI has integrated Liink into its operations to exchange payments-related information with other financial institutions.
- The adoption of blockchain network is expected to reduce SBI customers’ transaction costs and time taken for payments.
- Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight.
- This will speed up overseas transactions cross-border payments.
“We have undergone significant digital transformation in recent years and continue to add new technologies to create real value to daily operations,” said Venkat Nageswar, deputy MD – international banking group, SBI.
Liink is an ecosystem and network that enables collaboration, access to new capabilities, and commercialization opportunities for its participants – financial institutions, corporates and FinTechs.
Originally launched as a pilot in 2017, more than 400 financial institutions and corporations have signed up to become a Liink participant, including 27 of the world’s top 50 banks, representing 78 countries.
Globally, about 100 banks are now live on JPMorgan’s Blockchain Payment Network Liink. Many other large local lenders, both government and private, are said to be in talks with JPMorgan on the same.
Related Article: JPMorgan rebrands its blockchain-based Interbank Information Network (IIN) as Liink