The National Payments Corporation of India (NPCI) has unveiled an enterprise blockchain platform called Vajra to automate payment, clearing and settlement of transactions.
NPCI is the umbrella body for operating retail payments and settlement systems in India. The organization was set up by the Reserve Bank of India and the Indian Banks’ Association (IBA) in 2008.
Automation and reducing manual processing is the top benefit of the planned system. By sharing data, the need for reconciliation disappears. The improved transparency is expected to speed up transaction processing, and both reduce the number of disputes as well as helping to address them.
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