Rakbank Uses Ripple’s Blockchain Network to Boost Instant Payments to India.
The National Bank of Ras Al-Khaimah, or RAKBANK, has announced that it has taken advantage of the Ripple ‘RippleNet’ blockchain network for cross-border payments.
RAKBANK joined RippleNet last month. For the bank to join the Network Ripple is in line with its blockchain strategy and will help it to scale its business and provide a first class digital payment experience to its customers.
RAKBANK CEO, Peter England, said: “We at RAKBANK believe in leveraging new technologies that constantly enhance our customer experience, and by using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time.”
With this collaboration, RAKBANK was able to launch instant money transfers, without friction and insurance through its RAKMoneyTransfer (RMT) to the account holders of Axis Bank based in India.
Driven by blockchain technology, live retail remittance payments reached Axis Bank account holders in seconds and with end-to-end visibility throughout the entire process.
“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. We are excited with the potential of the technology to bring innovative services to the market and help us enhance value to our customers”, said Himadri Chatterjee, President of Transaction Banking, Axis Bank.
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