RAK Bank joined with Ripple for Instant Blockchain Payments

The Bank will provide absolutely transparent and quick work with payments
22 November 2017   1181

The National Bank of Ras Al-Khaimah retail and business bank in the UAE (RAK) has partnered with blockchain startup Ripple that to power instant cross-border payments to India’s retail customers. RAK Bank is connecting with global bank-centric blockchain network RippleNet of Ripple. It is necessary to enable live retail remittance payments to customers in Axis Bank in India. The UAE RAK bank promises that all operations will be instant and absolutely transparent.

By using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint.

 

Peter England, RAK Bank chief executive.

 

A major private sector lender in India Axis Bank have a partnership with San Francisco-based Ripple since January this year. But the Bank started to use for cross-border remittance rails with Ripple’s blockchain back in 2016 year. Now Axis Bank can use APIs and distributed ledger technology.

Also the UAE Exchange, one of the largest remittance operators in that region, reported that they are going to partnership with Ripple for real-time cross-border payments.

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   122

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.