India’s Primechain Technologies is rolling out a international payments solution built using blockchain.
According to news from The Times of India this week, Primechain is launching its Primechain-P5 platform, which is built for cross-border transactions. According to reports, the solution facilitates payments with lower fees on a 24x7 basis. The company is using Microsoft Azure APIs to integrate fraud solutions and anti-money laundering checks.
Several financial institutions are considering using the platform, Primechain said, including the State Bank of India and Emirates NBD.
“SBI is now a top 50 global bank, and we need to keep collaborating with banks and FinTech startups to keep putting the innovation agenda and take emerging technology like blockchain into mainstream banking,” said State Bank of India Head of Innovation Sudin Baraokar in a statement. “With blockchain, we can ultimately cover all the banking functions, like moving money, lending, collecting, securing and managing money.”
“Primechain-P5 is one of the most exciting developments in the field of global payments today,” said Primechain Technologies CEO Shinam Arora in another statement. “We’ve partnered with Microsoft Azure for maximum security, scalability and stability.”
Earlier this month, another financial institution (FI) in India, Axis Bank, announced the deployment of another blockchain-based, cross-border payments solution developed by Ripple. The solution can support cross-border corporate payments between Axis Bank and Singapore’s Standard Chartered Bank.
“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates,” Standard Chartered Bank Global Head, Digitization and Client Access, Transaction Banking, Gautam Jain, said in a statement at the time. “We are incredibly proud to be leading the way in this area. This affirms our commitment to digitization and innovation as we continuously look at new ways to add value to our clients and their ecosystems; in this case, corporates trading between Singapore and India.”