RAK Bank, a retail bank in the United Arab Emirates, and Ripple, a blockchain startup, have partnered to power the instant cross-border payment to retail customers to India.
RAK Bank which is a business and retail bank in the United Arab Emirates and Ripple, a blockchain startup, have partnered to power the world biggest transfer receiver, the instant cross-border payment to retail customers to India.
The age of the instant and low-cost bank remittances powered by blockchain is slowly taking shape. RAK bank is also called the National Rank bank of Ras Al-Khaimah, and it is an emirate in the UAE. RAK is getting into Ripples international bank-centric blockchain system RippleNet to aid real-time retail transfer of payments to clients within Axis Bank in India. The private banker is the third biggest private bank and merged with Ripples bank business earlier this year.
Peter England, RAK Bank chief executive, stated that by utilizing the Ripple’s Blockchain solution to facilitate global payments, their customers would now send money home quickly and easily in real time. Joining the Ripple System would not only benefit their blockchain strategy but also allow them to expand their remittance footprint.
An Emirate News Agency report showed that the UEA-based bank would start a frictionless, real-time and secure money transfer services using its RAKMOneyTransfer (RMT) to Axis bank clients based within India in seconds. The payment process will have a complete end-to-end visibility. A key private banker in India, Axis Bank, joined hands with San Francisco-centered Ripple in January current year. The bank started using ripples blockchain for global remittance links after early fliers in late 2016.
Himadri Chatterjee, Axis Banks transaction banking president in his statement, added a comment that has some new and significant innovations in domestic payments, global remittance has witnessed limited developments. Using distributed ledger and APIs, there is a clear opportunity to change the way global payment is made drastically.
RAK Bank joins hand with a growing list of different regional banks and payment houses using Ripples technology for global payments. In February, the Emirates largest bank and the Abu Dhabi national bank gave a claim to the initial retail financial institution in the Middle East to allow real-time payment using blockchain technology for some corridors within the region and Asia. Recently, one of the region’s biggest payment operators, the UAE Exchange, with a presence across thirty-one nations also publicized a partnership with the Ripple system for instant global payments.