South Indian Bank has successfully executed overseas transactions using blockchain technology in partnership with a leading currency exchange house in West Asia.
SIB joins a niche group of banks in the global market to switch and authenticate remittance transaction messages electronically on blockchain in real time. The initial transaction was successfully carried out by Forex transaction from UAE to India.
The implementation of the blockchain technology in transaction conforms to the bank’s technique to embrace rising and most advanced technology for ensuring faster as well as safe settlement. Besides delivering customer exuberance, this technology is also easy to be automated and fully secure with minimal data damage.