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State Bank of India has become the first bank in India to join JPMorgan's blockchain network, Liink. News of SBI’s integration with JPMorgan’s new blockchain-based interbank data network was revealed by The Economic Times on the 23rd of February.
Through this integration, SBI will reduce transaction costs and facilitate cross border payments for customers.
SBI’s deputy managing director Venkat Nageswar mentioned that the bank has gone live on the new blockchain network. He said:
“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients.”
Liink was formerly referred to as Interbank Information Network before its rebranding last October. Currently, Liink is used by some 100 banks, including many government-owned and private institutions. Additionally, The Economic Times reported that Liink's network is made up of more than 400 financial institutions from 78 countries. Twenty-seven of the financial institutions and corporations are amongst the world's top 50 banks.
JPMorgan Chase’s managing director for India, Prabdev Singh, said the partnership is consistent with the bank’s strategy to expand its blockchain offerings in the country in the future. He added:
“We continue to actively explore how emerging technologies can enhance our clients’ experience.”
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