SBI partners JP Morgan’s blockchain based payment network

State Bank of India has tied up with JPMorgan to use the US bank’s blockchain based payments network.

The partnership is relied upon to decrease SBI clients’ exchange expenses and time taken for payments, sources said. Time taken to determine cross-border payments related requests can be decreased to a couple of hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps.

“We have gone through critical digital transformation lately and keep on adding new technologies to make real value to day-to-day tasks,” said Venkat Nageswar, appointee MD global financial gathering, SBI.

“We are eager to be the first bank in Quite a while to go live on the organization and anticipate closer association with JP Morgan on implementation and exploring application as a part of the network to better serve our customers,” he told ET.

A representative said JPMorgan said it will grow its blockchain presence in India.