India-based Axis Bank will soon begin leveraging distributed ledger tech.Announced this week, Axis will use Ripple's network for cross-border transactions.As reported by regional news source The Economic Times, the solution's underlying technology will enable real-time settlement for cross-border payments – an area the bank is targeting for future growth."We are committed to using innovation in technology to make banking simple and convenient for our customers," deputy managing director V Srinivasan said in a statement, according to the paper.The launch comes just a few months after Axis partnered with Kotak Mahindra Bank, another Indian banking institution, to test blockchain for new client-facing services.In October, media sources reported that Axis officials were looking ahead to potential product launches utilizing the tech but demurred when asked about any potential launch dates."We will come out with solutions for our customers soon, but we don’t want to commit to any time frame," the bank’s president and CIO, Amit Sethi, said at the time.

It was in the middle of last year that Axis's work with blockchain first began to come to light, as reported by The Economic Times.Over the summer, the bank had launched a new FinTech accelerator aimed, in part, at exploring new services for blockchain.But Axis isn’t the only bank in the region pushing ahead with blockchain.Fellow Indian banking institution Yes Bank earlier this month announced that it had developed a blockchain-based vendor financing solution, leveraging the open-source Hyperledger code as a basis.free bitcoin cheat engineThe developments suggest India could emerge at the forefront of enterprise blockchain testing this year should these developments continue to build momentum.bitcoin beginner guide pdfDisclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.linux bitcoin distribution

The banknote ban in India is causing some rather unexpected results.Axis Bank’s Noida branch suffered from a similar incident as what happened to Wells Fargo customer not took long ago.Bank employees opened fictitious bank accounts to deposit a lot of money, allowing them to bypass the current demonetisation plans.Banks remain the perfect partner in crime to get illegal funds into the formal system.litecoin cpu poolThis news related to Axis Bank took quite a lot of people by surprise.bitcoin bip 8Criminals are resorting to new means to make sure their “” gets laundered.bitcoin moeda de qual paisUsing regular banks to do so is nothing new under the sun, though.ethereum filterForged documents have been used to open fake bank accounts.bitcoin decimals

Axis Bank And Wells Fargo Are Not That Different To put that latter sentence into perspective, it is impossible to do without the bank officials knowing about this scheme.did the same with 2 million accounts, and rest assured their officials were well aware of what was happening.Axis Bank is no different in that regard, or at least, where their Noida branch is concerned.ethereum prison key dropIt is not the first time Axis Bank is mentioned in the same breath as money laundering either.Several dozen fake bank accounts were identified at a different branch a few days ago.Those accounts also saw can influx of illegal money.With these new accounts being added to the mix, a very dark future looms overhead for the bank.The only way to convert illegal banknotes to legitimate currency is by going through a bank.This also makes these institutions the biggest culprit in efforts.After all, they can skew the numbers, create fake accounts, and even forge documents to make everything seem legitimate.

Criminals rely on banks to facilitate money laundering, and will not go through the trouble of buying and selling Bitcoin to do so.All of this goes to show the banking system remains the main facilitator of illicit activity.Particularly in countries where or replaced by others, they are the only ones holding all of the power.It is only normal some illegal funds will slip through.But there is a big difference with facilitating money laundering by creating fake accounts.Both Wells Fargo and Axis Bank have a lot of explaining to do.Not seeing the bitcoin deal you are looking for? trade advertisement with INR or try with different search.Browse Offers: Bank Transfers, Online Wallets, Remittance, Gift Card Codes, Other Payments Browse Bank Transfers: National bank transfer, Transfers with specific bank, Cash deposit, IMPS Bank Transfer India ← 1 → ← 1 →Ripple is beginning the year 2017 with exciting news: the launch of XRP trading on Bitstamp, and a partnership with India’s Axis Bank for blockchain-powered cross-border remittances.XRP trading will be available on Bitstamp from January 17, 2017, with two new trading pairs to be added to the exchange’s roster: XRP/USD and XRP/EUR.

Bitstamp said it plans to add other trading pairs and products in the coming months.XRP, the digital asset native to the Ripple Consensus Ledger, can be used as a bridge currency for real-time settlement, providing efficient exchange of value across borders.“After evaluating a number of digital currencies for inclusion on our exchange, it soon became clear that customer demand for XRP was particularly strong,” Nejc Kodrič, CEO at Bitstamp, commented on the news.“Fortunately, Ripple and XRP also happen to be a good fit for the requirements of our EU license and so we are delighted to be able to respond to our customers’ needs in this way.”Luxembourg-based Bitstamp is the largest bitcoin exchange in the EU in volume and the first and only digital asset exchange to be fully regulated in all 28 EU Member States.Axis Bank, India’s third largest private sector bank, announced on Monday that it will be using Ripple’s technology to offer cross-border payments solutions.Ripple’s financial settlements solution, based on blockchain technology, will reduce the time and cost of transactions significantly, the bank said.

The technology enables nearly instant international money transfers and will significantly improve efficiency of payments for Axis Bank through instant and automated reconciliation with partner banks.“We are committed to using innovation in technology to make banking simple and convenient for our customers,” said V Srinivasan, deputy managing director at Axis Bank, as quoted by the Economic Times.“Remittances have been a key strategic area for us, we at Axis are excited with the tie-up and the potential that the use of blockchain technology could deliver in enabling real-time affordable money transfers.”India, the world’s largest remittance recipient, attracted about US$69 billion in 2015, according to the World Bank.“Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation,” said Brad Garlinghouse, CEO of Ripple.“As an early adopter of Ripple, Axis Bank will set a new standard for cross-border payments services and help us continue to grow our global network in a key region of the world.”Axis Bank is the first bank in India to partner with Ripple.