OPEN, a digital banking platform on Tuesday received a go-ahead from the Reserve Bank of India (RBI) for its new cross-border payments product. The fintech said in a statement that the go-ahead has come after it completed the test phase of second cohort under the RBI’s regulatory sandbox structure themed ‘Cross Border Payments’.
RBI in its statement described OPEN’s product as a blockchain-based cross-border payment system, leveraging the current infrastructure and ensuring frictionless and tamperproof monitoring capabilities, Open said in the press release.
Anish Achuthan, Co-founder & CEO, Open Financial Technologies, said, “We now look forward to scaling the solution by working closely with banks to offer a suite of products for cross border payments and trade finance which will benefit millions of SMEs in India. We also plan to offer this solution to Financial Institutions globally through our enterprise banking offering- BankingStack”
In September 2021, 8 entities were shortlisted for the second round of testing. As of today, OPEN is one of the 4 entities that have completed the testing phase of RBI’s regulatory sandbox.
