Axis Bank, one of India’s largest private-sector financial institutions, has reportedly become the first bank in the country to partner with Ripple for a blockchain-powered approach to cross-border payment.
The move follows news that peers
Axis is aiming to use technology from Ripple and its blockchain platform to speed up and cut the costs of cross-border remittances, said V. Srinivasan, Axis Bank’s deputy managing director, according to the report.
The bank, which owns a minority stake in Viva Wallet, can take over the company in June if its valuation falls before a certain level — which has resulted in a legal dispute with Haris Karonis, the fintech's owner. That and more in American Banker's weekly global payments roundup.
With the Federal Reserve touting a slower pace of easing, markets are expecting a longer pause. But Gov. Christopher Waller said the next interest rate reduction could come as soon as March because of inflation data.
The bank is "very optimistic" that Trump will appoint financial regulators who are "more balanced" than current agency heads, CFO Daryl Bible said.
The Biden administration is asking the Supreme Court to overturn a lower court injunction against the Corporate Transparency Act, which requires businesses to disclose their beneficial owners. The outcome has significant implications for banks' AML compliance burdens.
The Pittsburgh-based company's fourth-quarter earnings increased more than 80% from the same period in 2023, beating analysts expectations and leaving CEO Bill Demchak excited about prospects for 2025.
The $678 billion-asset bank highlighted its payments and investment management and trust business as fee generators in the recently ended quarter.
