Categories: Banking

SBI joins JPMorgan’s blockchain payments network

State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions. The tie-up is expected to reduce SBI customers’ transaction costs and time taken for payments. SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.

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About the Liink:

Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain- and digital-currency-focused business, dubbed Onyx.
Piloted in 2017, the product was originally referred to as Interbank Information Network and rebranded as Liink in October 2020.
The Liink solution has enlisted more than 400 financial institutions and corporations in 78 countries, including 27 of the world’s top 50 banks. The network has around 100 live banks on the network, including both state-owned and private institutions.

Important takeaways for all competitive exams:

JPMorgan CEO: Jamie Dimon.
JPMorgan Headquarters: New York, United States
JPMorgan Founder: J. P. Morgan.
SBI Chairperson: Dinesh Kumar Khara.
SBI Headquarters: Mumbai.
SBI Founded: 1 July 1955.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.