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South Indian Bank has successfully executed overseas transactions using blockchain technology in partnership with a leading currency exchange house in West Asia.
With this, SIB joins a niche group of banks in the global market to exchange and authenticate remittance transaction messages electronically on blockchain in real time. The pilot transaction was successfully executed by Forex transaction from UAE to India.
The implementation of the blockchain technology in transaction platforms conforms to the bank’s strategy to embrace emerging and latest technology for ensuring faster as well as safe transaction settlement. Besides delivering customer exuberance, this technology is simple, automated and fully secured with minimal data loss.
At present, SIB is having inward remittance tie-up with 4 banks and 34 exchange houses in all the GCC countries and in South East Asian countries such as Singapore, Australia and Hong Kong. The bank has been aggressive in digital innovations and has launched it’s in-house developed mobile app SIB Mirror+, which offers secured digital e-lock for its customers that enables them to lock their accounts at their convenience.
Source : Economic Times
With this, SIB joins a niche group of banks in the global market to exchange and authenticate remittance transaction messages electronically on blockchain in real time. The pilot transaction was successfully executed by Forex transaction from UAE to India.
The implementation of the blockchain technology in transaction platforms conforms to the bank’s strategy to embrace emerging and latest technology for ensuring faster as well as safe transaction settlement. Besides delivering customer exuberance, this technology is simple, automated and fully secured with minimal data loss.
At present, SIB is having inward remittance tie-up with 4 banks and 34 exchange houses in all the GCC countries and in South East Asian countries such as Singapore, Australia and Hong Kong. The bank has been aggressive in digital innovations and has launched it’s in-house developed mobile app SIB Mirror+, which offers secured digital e-lock for its customers that enables them to lock their accounts at their convenience.
Source : Economic Times
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