The UAE’s corporate bank, National Bank of Fujairah (NBF) has joined RippleNet, a global payments network to make easy and seamless cross border payments to India. Also, the corporate bank will use the blockchain-based payments network to send and track international payments in real-time, according to a Ledger Insights report on March 3, 2020.
NBF Joins RippleNet
Per the report, the National Bank of Fujairah PJSC (NBF) has joined RippleNet to make easy and seamless cross border payments to India through Indus Ind Bank, an Indian commercial bank.
Reportedly, these payments will be sent in real-time with clear end-to-end tracking of transactions and the NBF will use RippleNet to send speedier cross-border payments, starting with India.
India has been ranked by the UN’s International Organisation for Migration as the country with the highest inflows of remittances in 2019.
The South Asian country received international remittances around $78.6 billion which signified a 14% increase from its $68.9 billion inflows in 2015, according to the UN’s report.
Explaining the need to incorporate the blockchain into the bank’s processes, Vince Cook, CEO of NBF, said digitization is still an important catalyst for change.
And as a customer-first bank, the financial institution understands the importance of delivering seamless and frictionless experiences to its clients.
“RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way,” Cook added.
In September 2019, NBF also joined Marco Polo Network, a trade finance network powered by R3’s Corda blockchain technology
Ripple taking Over the World with RippleNet
RippleNet is fast gaining grounds in the financial ecosystem, with over 300 financial institutions worldwide already using the blockchain-based payment solution to make speedy and low-cost transactions.
While Ripple also offers On-Demand Liquidity (ODL), a payment solution that uses its native asset XRP for transfers, financial institutions have taken a strong liking to RippleNet since the network has ties with other banks globally.
RippleNet is also a tough competitor with the SWIFT messaging system, a cross border payments platform that been around since 1977.
In related news, on February 26, 2020, BTCManager informed that three financial institutions in South Korea have joined RippleNet.
BTCManager also informed on February 27, 2020, that Azimo, a London-based online remittance platform has partnered with Ripple to use the latter’s ODL for cross border payments to the Philipines.