Axis Bank, one of India’s largest private-sector financial institutions, has reportedly become the first bank in the country to partner with Ripple for a blockchain-powered approach to cross-border payment.

The move follows news that peers ICICI Bank and Yes Bank each recently announced their own blockchain integrations. Through its Ripple integration, Axis bank enables its customers to immediately send funds with instant, automated reconciliation with bank partners on the receiving end, according to a recent report in the Economic Times of India.

Axis is aiming to use technology from Ripple and its blockchain platform to speed up and cut the costs of cross-border remittances, said V. Srinivasan, Axis Bank’s deputy managing director, according to the report.

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