2021-5-27 23:35 |
Oman’s second-largest bank, BankDhofar, has joined hands with Ripple to enable real-time cross-border payments between Oman and India. Ripple unveiled this news on May 25, noting that this partnership will see BankDhofar integrate RippleNet to connect with the Induslnd Bank. Through this integration, BankDhofar will ensure the instant processing of transactions made through its mobile banking app.
According to the announcement, this development will also let the bank’s clients make reliable, yet cost-effective cross-border transactions that feature end-to-end visibility. Explaining why the bank had decided to adopt RippleNet, Ripple noted that there has been an explosion of mobile banking due to the COVID-19 pandemic and this saw BankDhofar move to introduce a more efficient and effective banking solution.
Per Ripple, this is the first service of its kind in Oman and it will come in handy, seeing as India remains a leading remittance-receiving country across the globe. By incorporating RippleNet into its mobile app, BankDhofar has offered its clients an avenue to transfer up to 1,000.00 OMR (£1,838.90) to deposit accounts in India instantly.
Spearheading financial innovationProud of Ripple is helping shape the next-generation financial system, the company’s Managing Director of South Asia and MENA, Navin Gupta, said,
More than ever, people need to send money to loved ones abroad. Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.
BankDhofar’s Head of Digital Banking, Abu Baker Karim Al Balushi, said this move is part of the financial institution’s strategy to focus on innovation and digital solutions. He added that the new cross-border remittance service positions BankDhofar as a financial services leader and also helps the bank offer a wide variety of products and instant payment services. He went on to note that the bank is planning to expand the service to include other countries across the globe.
According to Ripple, this expansion shows that it is headed in the right direction. This is because it is enabling interoperable cross-border payments and helping develop a future that its more inclusive financially.
This news comes as XRP, the native token of the Ripple network, attempts to recover from its massive losses in the past week. At the time of writing, XRP/USD is up 6.64% over the past 24 hours to change hands at $0.9978 (£0.71).
The post BankDhofar adopts RippleNet to expedite cross-border payments to India appeared first on Invezz.
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