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03 March 2020
TECHNOLOGY

NBF partners with Ripple to enhance cross-border money transfers

The bank will capitalise RippleNet to service its large Indian customer base by conducting remittances to India through Indus Ind Bank

RippleNet will enable the bank to leverage the Ripple cross border network and significantly enhance the user experience in the fund transfer

by Kudakwashe Muzoriwa

The National Bank of Fujairah (NBF) has partnered with Ripple, a blockchain company, to allow seamless cross-border payments through the RippleNet platform.

The blockchain solution will now allow the bank’s customers to conduct secure and real-time payments with clear end-to-end tracking of transactions.

Vince Cook, National Bank of Fujairah’s CEO, said, “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.”

 “Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients,” said Cook.

NBF said that RippleNet will enable the bank to leverage the Ripple cross border network and significantly enhance the user experience in the fund transfer. Additionally, the traceability and the speed of the execution of the transfers will allow customers to achieve improvement in the transparency and effectiveness of the payments.


RELATED STORIES: National Bank of Fujairah RippleNet blockchain

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