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India's Largest Bank Joins JPMorgan's Blockchain Payments Network

Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.

Updated May 9, 2023, 3:16 a.m. Published Feb 23, 2021, 10:00 a.m.

State Bank of India (SBI) is joining JPMorgan's blockchain payments network to bring more efficient international payments to users.

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The public sector bank, India's largest by various metrics, will use JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs, according to an Economic Times report Tuesday.
Dubbed Liink, the blockchain network is based on a fork of Ethereum and has already been integrated by around 100 banks.
Liink was designed to connect banks in a peer-to-peer fashion and help remove inefficiencies from cross-border payments and other functions.
SBI expects the time for transactions to be reduced to several hours from up to a fortnight previously, sources told the Economic Times.
“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,” Venkat Nageswar, deputy managing director of international banking at SBI, told the publication.

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Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.