State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions.
The tie-up is expected to reduce SBI customers’ transaction costs and time taken for payments. SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.
Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain- and digital-currency-focused business, dubbed Onyx.
Piloted in 2017, the product was originally referred to as Interbank Information Network and rebranded as Liink in October 2020.
The Liink solution has enlisted more than 400 financial institutions and corporations in 78 countries, including 27 of the world’s top 50 banks. The network has around 100 live banks on the network, including both state-owned and private institutions.