State Bank of India Joins JPMorgan’s Ethereum-Forked Blockchain Payment Network, Liink
State Bank of India (SBI), the largest bank in India, has announced a partnership with US bank JPMorgan to use its blockchain-based technology to enhance international transactions.
The government-owned bank explained that the partnership would help reduce transaction costs and time to execute customers’ payments. The bank stated that it would take hours to execute international payments and not the usual two weeks. The bank also stated that beneficiaries will now get their payments faster as it will involve fewer steps.
Venkat Nageswar, SBI deputy managing director, explained that the bank has been undertaking various digital transformations in the recent past and is keen to add more to enhance their daily operations. Nageswar told India’s Economic Times,
“We are excited to be the first bank in India to go live on the network and look forward to a closer partnership with JP Morgan on implementation and exploring applications as part of the network to better serve our clients.”
JPMorgan’s blockchain-based network, dubbed Liink, is a decentralized network where numerous financial firms, fintech firms, and other corporations can subscribe. The network enables the users to conduct secure and peer-to-peer data interchanges at fast speeds. It was started in 2017 being dubbed Interbank Information Network, but it rebranded to Liink in October last year.
Currently, over 400 financial-based institutions and corporates have subscribed to Liink from 78 nations. The enlisted firms include 27 of the globe’s top-ranking 50 banks. The network boasts of about 100 live banks consisting of private and government-owned institutions.
JPMorgan Chase India managing director, Prabdev Singh, explained that the recent deal with SBI is in tandem with its program to enhance its blockchain presence within India and the region. Singh stated that the firm is continually exploring how the new technologies can change customers’ experiences positively.
Apart from changing its name to Liink, JPMorgan also rolled out its own stablecoin dubbed JPM Coin last year. The stablecoin was launched to enhance international payments.