India's state financial institution has now joined the JPMorgan Chase blockchain payment network.

According to foreign media reports, the National Bank of India (SBI) is exploring ways to improve cross-border payments through blockchain solutions provided by US investment bank JPMorgan Chase.

SBI announced its membership of Link, a blockchain technology interbank information network developed by JPMorgan Chase. By using this technology, we hope to reduce exchange rates and improve cross-border payments to our customers.

Liink is a peer-to-peer network and ecosystem operating under the umbrella of "Onyx", a blockchain and digital currency company at JPMorgan Chase. . for the link. The solution is backed by more than 400 finance and trading companies in 78 countries, including 27 of the world's 50 largest banks. According to the report, there are around 100 banks in the network, including public and private banks.

Prabdev Singh, Managing Director of JP Morgan Chase India, said: “The recent partnership with the National Bank of India is in line with our plans to expand our blockchain business in India. We will frequently seek ways to improve the use of new technologies. .

In addition, Venkat Nageswar, vice chairman of the State Bank of India, said the bank announced Liink. “We are very excited to be the first bank in India to do business on the internet and we look forward to partnering with JPMorgan Chase to implement and research applications to better serve our customers. -he adds.