Federal Bank, a major Indian commercial bank, is building a new cross-border remittance application on Corda, a Blockchain platform developed by consortium firm R3.
The application for “faster and cheaper” remittances is being built with the help of Blockchain start-up DigiLedge. Its CEO Mahesh Govind said that Corda brings the benefits of “confidentiality and privacy of business transactions.”
“We at Federal Bank have been practicing the philosophy of ‘Digital at the fore and human at the core’ for all our operations. When it comes to serving our [non-resident Indian] clientele, we employ the best of class technology to make them feel closer to home. This platform translates into safer, faster and cheaper foreign remittances to India,” the press release said.