On the LinkedIn profile of an IT Solution Architect at IBM India, Viral Shah, there was information that he’s into RippleNet’s research as part of his works at the corporation.
However, he is working on YONO (You Only Need One), a payment mobile application that combines banking services with “lifestyle” shopping features.
YONO is a product of the State Bank of India. It was released in late 2017 with the aim of letting people have access to various financial services.
Viral, in his profile, noted that he proffers various solution for YONO App for various CRs, as well as performing Proof of Concept on Ripple blockchain implementation for bank.
The YONO digital platform has helped the government-owned largest public sector bank to cut some costs (over $463.4 Mn) used in setting up of ATMs and maintenance.
What Is Known About The RippleNet-Based SBI Product?
Assumptions that IBM and Ripple may be related are also based on specialist development work in some related projects. Viral Shah, according to profile data, is simultaneously working on YONO, the digital banking platform of SBI. This solution allows users to access various financial and other tools, such as booking flights, trains, buses and taxis, online payment of medical bills, etc.
SBI announced the launch of an initiative in which a public financial institution seeks digital transactions in August 2019. The ambitious project aims to replace credit and debit cards that are used by more than 930 million people in the country with a platform on which cash and non-cash payments will be processed. Thus, India seeks to popularize digital payments, and the platform using RippleNet helps it in this.
YONO is an extension of SBI’s trusted banking and thanks to which India has obtained reliable digital products such as SBI Anywhere and SBI Net Banking. YONO SBI provides clients with India’s largest range of products and services.
The chairman of the State Bank of India (SBI), Rajnish Kumar, said the bank partnered with a number of top firms to ensure high-quality delivery on the banking platform. IBM was involved, it helped in developing the technology stack, while the firm responsible for business strategy consulting is McKinsey.
Amazon, Microsoft and other major Indian IT firms were also among the 85 partners that jointly developed the banking application.
What Does YONO Offer?
Firstly, it is India’s largest trading market. Here you can make profitable purchases through merchants who offer purchases, vacation reservations, booking airline tickets and bus tickets, booking train tickets, food delivery, etc.
Secondly, the service simplifies interaction with banking products. The user can easily check the balance, make a deposit, etc.
Thirdly, thanks to instant payment, the parties can make payments in real-time.
Fourth, the service offers a smart spending feature where the user can analyze their spending.
Note, it provides with the ability to monitor credit cards, life insurance, general insurance, travel insurance, accident insurance, SIP, mutual funds or investments in a single service.
What Is Known About IBM’s Partnership
The first mention of cooperation between the parties appeared in a study by Finastra (formerly Misys) from 2016. However, the parties did not make official statements on joint work.
Note, that at the moment IBM is actively collaborating with another blockchain startup – Stellar. Companies are developing the World Wire payment system.
The launch of the latter took place in August 2018. The platform for organizing cross-border payments uses the Stellar protocol. It is known that during the work of World Wire, more than 44 banks joined the project.
Jesse Lund, IBM’s head of blockchain solutions says IBM’s cross-border payment network, Blockchain World Wire, can also offer their customers #XRP as one of the choice as a settlement asset!#XRPTheStandard
Full video: https://t.co/VYHpffpINV pic.twitter.com/eT4mjRsutj
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) February 22, 2019
World Wire and Ripple are formally competitors. Both projects deliver developments that can replace traditional banking solutions for transferring funds. Recall, it recently became known that the SBI Group’s investments helped the Ripple blockchain project increase its market capitalization to $ 10 billion.