Abu Dhabi’s National Bank launches Blockchain-based platform for cross-border payments.
Abu Dhabi’s National Bank has recently launched a Blockchain-based platform for international payments, benefiting customers in the Asia-Middle East remittance corridor, the bank emphasized that it is the first bank in the Middle East and Africa region Of the North go in real time with Blockchain technology for cross-border remittances. This makes payments of this type more efficient, secure and instantaneous.
Managing director and chief for global transaction banking, Vineet Varma, said:
“With blockchain, we hope that we could address the needs of our customers and drive forward more efficient and flexible service. Embracing technologies like Blockchain is a step in the right direction for our customers.”
Abu Dhabi’s National Bank also present in Malaysia, Hong Kong, China, South Korea and more recently India. It should be noted that the lastest is the largest remittance recipient in the world. With the launch of this new platform, another modality of use is shown that has been given to Blockchain in the banking sector as the innovation gains more commercialization in 2017.
The bank claims that customers will benefit from “end-to-end visibility of transactions” and will also see “instant transfer of funds to a beneficiary” at a lower cost compared to existing traditional cross-border payment services. With Ripple connectivity, the transparency of the transaction process, near-instant delivery times and clear costs will “significantly advance” the cross-border payment process, the bank added.
Ripple CEO Brad Garlinghouse commented:
“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. Now… banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base. “
As the largest bank of lenders in the Emirate of Abu Dhabi with assets of $ 178 billion, the NBAD is also the second largest lender in the United Arab Emirates and the largest by market capitalization among all banks of the United Arab Emirates. Its presence in a number of major Asian remittance markets, including China and India, could see a significant impact on the broader banking industry, which could accelerate the adoption of blockchain technology for major commercial offers such as user payments.
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