State Bank of India joins JPMorgan’s blockchain payments network

A major government-owned bank, the State Bank of India, has become the first Indian bank to combine JPMorgan’s blockchain community Liink.
The State Bank of India, or SBI, a major Indian government-owned lender, is seeking to improve cross-border payments with a blockchain alternative by American investment bank JPMorgan Chase.According to a Feb. 23 report from The Economic Timesthat the SBI has united Liink, a new blockchain-based interbank data network developed by JPMorgan. By incorporating the technology, the lender expects to decrease transaction costs and enhance cross-border payments for its customers.SBI deputy managing director Venkat Nageswar said that the lender has already gone on Liink. “We’re excited to be the first bank in India to go on the community and anticipate closer partnership with JPMorgan on execution and exploring software as part of this community to better serve our clients,” Nageswar stated. Liink is a peer reviewed ecosystem and network operating under the umbrella of JPMorgan’s blockchain and electronic currency-focused firm dubbed”Onyx.” Piloted in 2017, the item was originally known as Interbank Information Network and rebranded as Liink in October 2020. The Liink alternative has enlisted over 400 financial institutions and companies in 78 countries, including 27 of the world’s top 50 banks. The community has approximately 100 live banks on the community, including the two state-owned and private associations, according to The Fiscal Times.Prabdev Singh, managing director at JP Morgan Chase India, said that the latest partnership with the SBI drops in accordance with the corporation’s plans to expand its blockchain presence in India. “We continue to actively investigate how emerging technologies can enhance our clients’ expertise,” he said.In mix with rebranding to Liink in October 2020, JPMorgan also introduced its proprietary stablecoin JPM Coin. As mentioned previously by Cointelegraph, the stablecoin is implemented for cross-border trades.

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