Blockchain Platform for Overseas Remittance Created By South Indian Bankbr>
The South Indian Bank (SIB), a major private sector bank in India, has created a blockchain-enabled transfer facility for faster overseas remittance and payments.
The bank said the facility successfully executed overseas transactions in partnership with an unnamed currency exchange house in West Asia. The bank claimed that the facility is simple, automated and fully secured with minimal data loss.
Currently, SIB is having inward remittance tie-ups with four banks and 34 exchange houses in all the Gulf Cooperation Council (GCC) countries and in South East Asian countries such as Singapore, Australia and Hong Kong.
Earlier this year, the bank released its in-house mobile app SIB Mirror+, which offers secured digital e-locks for its customers that enables them to lock their accounts at their convenience.