A retail and business bank in UAE has partnered with the blockchain company Ripple to support instant cross-border payments to retail customers in India which is the world’s largest remittance receiver.
We saw American Express partner with Ripple to use its technology to provide a way to send instant cross-border payments with lower transactions costs. The age of block-chain has now allowed conventional bank remittances to be replaced by instant low-cost payments. The national bank of Ras Al-Khaimah, an emirate in the UAE, is collaborating with Ripple’s global blockchain network RippleNet to enable live retail remittance payments to customers in Axis Bank in India
In a statement Peter England, RAK Bank Chief Executive said: “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.”
According to a report by Emirates News Agency, the UAE based bank will launch instant, frictionless and secure money transfers through RAK Money Transfer to Axis Bank customers based in India. The transaction and the entire process of payment will be done within seconds along with end to end visibility.
The president of Axis Bank Himadri Chatterjee added “While there have been significant innovations in domestic payments, cross border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled.”
RAK Bank has joined a growing list of banks and financial institutions that have partnered with Ripple to tap on to it’s technology that allows instant cross-border payments. In February the national bank of Abu Dhabi become one of the first bank to implement block chain technology to enable real time remittance along multiple countries between the region and Asia. RAK Bank may have joined the fold later in the year but it promises a very efficient system.