Using RippleNet For Cross-Border Payments In India.

Using RippleNet For Cross-Border Payments In India.

2019-02-19 | Big Bob

Using RippleNet For Cross-Border Payments In India.

In line with a recent official 'tweet' by the managing director of South Asia and MENA at Ripple named ‘Navin Gupta’, Oman’s renowned 2nd largest bank by cap named ‘BankDhofar’, has begun employing RippleNet technology for cross-border payments to India.

RippleNet is an international blockchain-based payment network of institutional payment suppliers, that was developed by technology company Ripple [XRP]. Earlier in January, RippleNet 'extended' its network to over two hundred customers, together with such industry players as JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank.

In line with the announcement, BankDhofar has become the primary bank within the country and one amongst the first in the region to adopt RippleNet. The technology allows the bank to offer cross-border transfers via a mobile banking app “in less than two minutes," therefore permitting non-permitting non-resident Indians living in Oman to conduct real time online payment transfers.

BankDhofar was launched earlier in 1990, subsequently becoming one amongst the biggest banks within the country. Later in 2017, BankDhofar’s revenue from banking services was reportedly $2.4 Mln, whereas its total revenue summed around to $28.2 Mln.

Even earlier this month, 'Finablr', a worldwide payment platform and foreign exchange operator primarily based within the UAE [United Arab Emirates], joined the RippleNet network to complete real time online transactions to Thailand. The primary partner within the service, major Thai bank Siam bank can supposedly let UAE Exchange and Unimoni customers globally send cash to Thailand.

Just last Dec., the NBK [National Bank of Kuwait] additionally launched a cross-border remittal product supported on RippleNet’s blockchain technology. NBK reportedly become the first monetary establishment in Kuwait to implement a remittal product — “NBK Direct Remit” — for global live payments supported on RippleNet.

Renowned Japanese giant named ‘SBI Holdings’ has also revealed its 9-month’s financial report recently on 31st Jan. Within the report for the price ending on 31st Dec., last year, SBI added Ripple’s [XRP] potential for cross-border payments.

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