State Bank of India joins ‘Liink’ blockchain-based payment network of JPMorgan

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The State Bank of India has tied up with JPMorgan to use the blockchain technology “Liink” of the US-based bank to speed up overseas transactions.
With this, SBI has become the first bank in India to go live on the blockchain-based payment network of JPMorgan.
The tie up will reduce the transaction costs and time taken by SBI customers for overseas payments.
Also the time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight and payments will reach beneficiaries faster and using limited steps.