Kotak Mahindra Bank, India's leading private bank based in Mumbai, has recently announced a partnership with RippleNet, the blockbuster network of Ripple, to improve its international remittance service immediately.
According to the announcement, Kotak Mahindra will use xCurrent technology of ripple to speed up international transactions. Previously, a transaction in a manner usually takes a few days, but the solution of the ripple allows the time to money down to a few minutes. Bank customers will have the opportunity to track the process of making payments across borders at a much lower cost.