Indian state bank joins JPMorgan’s blockchain network
The State Bank of India has joined JPMorgan’s blockchain network to improve international payments.
The State Bank of India is looking to improve cross-border payments with a blockchain solution from the American investment bank.
State Bank of India (SBI) has joined the Liink network. Liink is a blockchain-based inter-bank network by JPMorgan. Liink aims to improve SBI’s international payments. It will also reduce transaction costs for Bitcoin Pro bank customers.
State Bank of India has already gone live on JPMorgan’s network.
We are pleased to be the first bank in India to go live on the network and look forward to a closer partnership with JPMorgan in implementing and exploring applications as part of the network to better serve our customers.
Venkat Nageswar, Deputy Managing Director, SBI
Liink is a peer-to-peer network from JPMorgan
It runs under Onyx, JPMorgan’s blockchain business. Launched in 2017, it was originally called the Interbank Information Network. In October 2020, it was renamed Liink.
In conjunction with the renaming to Liink, JPMorgan launched its own stablecoin. The JPM Coin is used for cross-border transactions.
More than 400 financial institutions and companies in 78 countries participate in the Liink network. This includes 27 of the 50 largest banks worldwide. Currently, 100 banks are live on the network, including both government and private institutions.
The partnership with SBI is in line with JPMorgan’s plans. According to Prabdev Singh, Managing Director at JPMorgan Chase India, the financial institution is looking to expand its blockchain presence in India.
„We continue to actively explore how new technologies can enhance our customers‘ experience,“ he added.