Ripple's real-time remittance blockchain picks up steam in India
Ripple's cross-border payments engine is gaining share in India, where it's partnering with Currencies Direct to deliver real-time remittances through Ripple's xCurrent payment protocol.
The U.K.-based foreign exchange broker says by using xCurrent, banks and financial institutions can message each other in real time to confirm payment details before initiating transaction and to confirm delivery once it settles.
"When you think about the vast volumes of money being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage," Vivek Awasthi, chief information officer at Currencies Direct, said in a Tuesday press release.
Customers are able to track their payments from the moment money leaves their account to when it lands in the recipient’s account, and the process includes a rulebook to provide operational consistency and legal clarity for every transaction.
Currencies Direct's move to establish a payments corridor in India comes two months after London-based TransferGo revealed it was using Ripple's blockchain platform to support digital money transfers from Europe to India.