Open Financial Technologies has been given the green light by the Reserve Bank of India (RBI) to launch a cross-border payments platform using blockchain technology.
The neo-banking company is one of four firms in India to get approval for blockchain solutions for cross-border payments.
The bank believes that blockchain can become a core part of banking payments and reduce stress on importers and exporters.
Open Financial Technologies has announced plans to launch a blockchain-based cross-border payment platform after being given the green light by the Reserve Bank of India (RBI).
The neo-banking company’s CEO Anish Achuthan said that it will first focus on providing international money transfer options between the US and India before expanding to other markets and services.
Achuthan believes that the inherent transparency of blockchain will help to improve the safety and security of transactions.
He noted: “When the payment is happening there is also a ledger that records where the...
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