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.