The State Bank of India is the first state-owned bank in India to join the JPMorgan blockchain network.
American investment bank JPMorgan Chase is partnering with the state-owned Indian bank State Bank of India to establish cross-border blockchain payments.
The state-owned Indian bank, the State Bank of India (SBI), is confirmed to have become a member of the new blockchain-based interbank data network, Liink, founded by JPMorgan. The Bank hopes to reduce transaction costs and improve cross-border payments to its customers by integrating the technology.
Liink has already been implemented at SBI, says SBI Deputy Managing Director Venkat Nageswar. We’re excited to be India’s first bank to live on the network, and we’re eager to partner with JPMorgan on implementation and look forward to better serving our clients with network applications, Nageswar said.
Piloted in 2017, the product was initially referred to as the Interbank Knowledge Network and renamed Liink in October 2020.
More than 400 financial institutions and companies from 78 countries, including 27 of the world’s top 50 banks, have adopted the Liink solution. The Economic Times study states that there are more than 100 live banks on the network, both state-owned and private, according to the network.
JP Morgan Chase India Prabdev Singh says the latest agreement with SBI coincides with the company’s development plans for the use of blockchain in India. “We are dedicated to finding out how new technologies can better serve our clients,” he said.
A month before the change of name to Liink in October 2020, JPMorgan introduced a proprietary coin called JPM Coin in conjunction with the rebranding to Liink.