Oman's second largest bank by market value, BankDhofar, has begun using RippleNet technology for cross-border payments to India.
RippleNet is a global blockchain-based payment network of institutional payment providers, that was developed by technology company Ripple.
In January, RippleNet expanded its network to over 200 customers, including such industry players as JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.
Per the recent announcement, BankDhofar has become the first bank in the country and one of the first in the region to adopt RippleNet.
The technology enables the bank to provide cross-border transfers via a mobile banking application "In less than 2 minutes," thus allowing non-resident Indians living in Oman to conduct real-time payment transfers.
In 2017, BankDhofar's revenue from banking services was reportedly $2.4 million, while its total revenue amounted to $28.2 million.
Earlier this month, Finablr, a global payment platform and foreign exchange operator based in the United Arab Emirates, joined the RippleNet network to complete real-time transactions to Thailand.
The first partner in the service, major Thai bank Siam Commercial Bank will purportedly let UAE Exchange and Unimoni customers globally send money to Thailand.
Last December, the National Bank of Kuwait also launched a cross-border remittance product based on RippleNet's blockchain technology.
NBK reportedly become the first financial establishment in Kuwait to implement a remittance product - "NBK Direct Remit" - for international live payments based on RippleNet.
Major Omani Bank Joins RippleNet Cross-Border Payment Network
Published on Feb 18, 2019
by Cointele | Published on Coinage
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