Today India’s Economic Times reported that the State Bank of India (SBI), the country’s biggest bank, has signed up for JP Morgan‘s Liink blockchain solution. Previously known as the Interbank Information Network, Liink is a payments messaging network that enables banks to quickly resolve queries that delay cross-border payments.
“We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients,” said Venkat Nageswarhe, Deputy MD at SBI.
Four months ago, JP Morgan unveiled a Liink upgrade. New features include ‘Confirm’ that allows account information to be validated before the payment is initiated. And ‘Format’ involves ensuring the payment message aligns with specific country or currency requirements.
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