Of all the Blockchain companies, Ripple boasts of the most partnerships with traditional financial institutions. Its RippleNet Blockchain network is one of the most revolutionary Blockchains with solutions that include cross-border payments, instant transaction settlement and bi-directional messaging.
BankDhofar is the New member of the RippleNet
Ripple’s most recent addition is BankDhofar. With this move as it’s first-ever partnership with an Oman based bank was first announced on Tuesday. The partnership will add BankDhofar to Ripple’s portfolio of over 100 banks and financial institutions that are already on the RippleNet.
While announcing the new development, BankDhofar’s Chief Information Officer Dr. Tariq Taha said that the bank is pleased to be “the first bank in Oman to join and access more than 100 of its member banks and other financial institutions utilizing Blockchain for instant payments”.
This comes just a year after BankDhofar’s move to join ‘the leading Blockchain consortium BankChain’ in respect with the bank’s objectives towards enabling customer satisfaction and improving overall efficiency especially for customers that regularly send remittances overseas.
BankDhofar Providing More Transparency
Taha further mentioned in the announcement that BankDhofar is also looking to provide a more transparent and friction-less cross-border money transfer using Ripple’s Blockchain. In addition, Taha said that the bank will also enable ‘end to end visibility over the journey of the payment’ as one of its initiatives of improving customer experience.
With this new partnership, BankDhofar is looking to become one of the best leading banks in the Gulf area as it strives to innovate creative services and products that are custom made for the customers. Thanks to a variety of products that ripple offers , BankDhofar will have a variety of services to pick from including xCurrent (and end to end payment tracking software) and xRapid (a real-time liquidity provider for international transactions using the XRP token) which is set to be used by the global money transfer platform, Western Union.
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Image courtesy of Nicolas Rénac via Flickr