Ripple’s official blog on Friday announces that the National Bank of Abu Dhabi (NBAD) will be the first Middle East Bank to partner with Ripple for Cross-border payment solutions. By integrating Ripple technology, NBAD customers can experience a secure, efficient and immediate international intra-bank payments instantly.
According to Ramana Kumar, Managing Director and product manager at Global Banking Transaction (GTB), Ripple’s integration at NBAD can sustain bank achieving its goals.
“At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way of achieving our goals. And better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs.”
Concerning finance and remittance, UAE stands at the top fourth position counting more than $19billion, as per 2016 Word Bank Migration and Remittances Factbook. Moreover, the statement claims that the Ripple partnership with NBAD and other banks can help them associate cost-effective cross-border payments feature to their service.
By appreciating Ripple-enabled payments to bank’s customer, Ripple CEO Brad Garlinghouse said,
Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base. In doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”
Despite transparency and swiftness over the banking payment system, Ripple’s partnership paves the way for advanced security. As a positive remark, the NBAD’s introduction of Ripple will eliminate intermediary to transfer funds. Therefore, it can protect customer’s personal and financial information more securely. Further, it manages to operate in parallel to the SWIFT system.
Ripple’s partnership with financial players!
So far, the official blog of twitter witnesses number of partnership and projects which boosts the price of Ripple. According to a data from Coinmarketcap, Ripple stands at $0.93, a surge of 9.79% during 24hours.
In mid-December 2017, The Japan Bank Consortium, accounting 61 banks in Japan, organized by SBI Ripple Asia opens a new Ripple pilot with South Korean banks. At the same week, Krungsri (Bank of Ayudhya PCL, joined RippleNet, aimed to eliminate friction from cross-border payments. Besides, Ripple in early 2018 has announced a partnership with MoneyGram, one of the world’s largest money transfer companies, stating that it will employ XRP in their payment systems.