Oman’s BankDhofar Goes Live On Ripple’s Global Payment Network
BankDhofar, Oman’s second largest bank, has become the first bank in the country to adopt Ripple’s global payment network RippleNet.
BankDhofar, which joined Ripple’s enterprise blockchain network with over 100-member banks and financial institutions last year, announced that since going live on RippleNet, international transaction to India was successfully performed in less than 2 minutes.
“Ripple’s leading Blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables BankDhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app,” the bank said.
According to the bank, customers will now be able to transfer money abroad instantly using its Ripple-powered mobile banking app.
The news came after UAE-based payments and foreign exchange firm Finablr announced that its network brands UAE Exchange and Unimoni went live on RippleNet earlier this month. The two brands are using Ripple’s technology for facilitating seamless cross-border transactions to Thailand and plan to extend it to other countries.