- One of the top Indian banks, SBI has joined the JP Morgan Liink blockchain network.
- Liink is currently used by over 400 financial institutions across 78 countries.
- However, SBI is the first Indian bank to join the network.
SBI is the first Indian bank to join link and Venkat Nageswar, the SBI deputy MD of International banking noted,
“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.”
The bank will use Liink to offer clients faster overseas and cross-border services. Liink enables users to quicken transactions while reducing costs. For now, overseas transfers can take the bank up to two weeks to process. Liink will thus help reduce this to just a few hours.
Also, the Liink blockchain is built on an Ethereum fork and was designed to enable users to make secure, faster peer-to-peer data transfers. Over 400 users in over 78 countries have already adopted the JP Morgan initiative. Top banks like Barclays and the National Bank of Canada are among Liink users.
In addition, JP Morgan also created a JP Coin in 2019 to help enable instant payments. The JP Coin is a shared ledger system that enables users to transfer US dollar deposits held by JP Morgan. Both Liink and the JP Coin are part of the Onyx project by JP Morgan.