fbpx

Cross-border payments now supported by RippleNet

BankDhofar is offering its clients the possibility to make immediate payments through its mobile application
middle east

BankDhofar is offering its clients the possibility to make immediate payments through its mobile application.

BankDhofar is the second largest bank in the Sultanate of Oman and it is partnering with the Indian private sector IndusInd Bank to provide real-time money transfers from Oman to India. The innovative detail about the service that will help with payments is the utilization of blockchain technology through RippleNet.

trading

The news was announced on Ripple’s website and the company’s Twitter account as well.

“As the first bank in the Sultanate of Oman to join our global payments network, RippleNet, BankDhofar will connect with leading Indian private sector bank IndusInd Bank to drive real-time payments into India. This partnership will enable cross-border transactions made via the BankDhofar Mobile Banking App to be processed instantly, reliably, cost-effectively, and with end-to-end visibility anywhere in the world.”

Ripple Insight

Ripple has been trying to set a foot in Asia by taking 40% stakes in Tranglo, a cross-border payment solutions company. Tranglo’s ecosystem will keep on supporting existing payment passages and will guarantee RippleNet customers in several countries to utilize the company’s On-Demand Liquidity service.

India is one of the top remittance-receiving countries in the world. BankDhofar clients will now have the opportunity to transfer up to OMR 1,000 from its mobile app to IndusInd accounts in India. The service will make transactions faster, a lot cheaper, and more secure thanks to the blockchain technology offered by Ripple.

“At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers. This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”

Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar

Total
1
Shares
Leave a Reply

Your email address will not be published.

trading
Related Posts