RAK Bank joined with Ripple for Instant Blockchain Payments

The Bank will provide absolutely transparent and quick work with payments
22 November 2017   2547

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.

UAE to Launch Ripple's Based Payment System

The system is focused on Asian markets and, according to the head of UAE Exchange will be supported by “one or two banks” working with the RippleNet
14 December 2018   143

UAE Exchange payment company based in the United Arab Emirates creates a blockchain payment system along with Ripple, Reuters reports.

The system is focused on Asian markets and, according to the head of UAE Exchange Promot Manghat, will be supported by “one or two banks” working with the RippleNet payment network. Its launch is planned in the first quarter of next year.

It is worth noting that in the UAE there are many workers from other Asian countries.
More than a third of remittances from this country go to India, 8.8% to Pakistan and 6.9% to the Philippines. Thus, the payment corridor being developed may in the future take a significant share of the international transfer market.

Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream. We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.
 

Promoth Manghat
Executive director and chief executive, Finablr

According to the information on the UAE Exchange website, the service works with 140 banks and is represented in 31 countries.