BankDhofar, the second largest bank in Oman, want to work hand in hand with Ripple to realize real-time cross-border payments between Oman and India. Ripple announced the news this week, indicating that the partnership will allow BankDhofar to integrate RippleNet and connect to the Induslnd Bank. Through this integration, BankDhofar ensures that transactions are processed immediately via its mobile banking application.
Ripple Partnership to Conduct Reliable and Cost-effective Cross-border Transactions
According to the announcement, this development will also enable the bank’s customers to conduct reliable and inexpensive cross-border transactions with end-to-end transparency. In explaining why the bank chose RippleNet, Ripple pointed out that the explosive growth of mobile banking due to the COVID-19 pandemic has led BankDhofar to bring a more effective banking solution to the market.
Ripple said this is the first service of its kind in Oman and will come in handy as India is still the world’s leading remittance recipient. By integrating RippleNet into its mobile app, BankDhofar offers customers the ability to instantly transfer up to 1,000.00 OMR (£ 1,838.90) to an Indian account.
The Company is Leading Financial Innovation
Navin Gupta, chief executive of the company’s South Asia, Middle East and North Africa region, said Ripple is proud to help shape the next generation of financial systems.
“More than ever, people need to send money to loved ones abroad. Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”
Abu Baker Karim Al Balushi, head of digital banking at BankDhofar, said the move was part of the financial institution’s strategy to focus on innovation and digital solutions. He added that the new cross-border remittance service makes BankDhofar a leading provider of financial services and also helps banks offer various products and instant payment services. He pointed out that the bank plans to expand the service to other countries around the world.
According to Ripple, this extension shows that it is going in the right direction. This is because it can enable interoperable cross-border payments and help develop a more financially inclusive future.
XRP is the native token of the Ripple network, which is trying to recover from the huge losses of the past week. At the time of writing, XRP/USD is up 6.64% in the past 24 hours and is trading at $0.9575.