Ripple’s global enterprise blockchain network on Tuesday adds another bank to its instant international payments blockchain.
Muscat-based BankDhofar revealed on Tuesday that it has moved to join RippleNet, an enterprise blockchain that sees more than 100 financial institutions worldwide as members comprising banks, payment providers, and financial institutions.
In an announcement, the bank noted that the adoption of Ripple’s blockchain technology in payments will improve its customers ‘both time and money’ when sending payments overseas.
According to BankDhofar chief information officer Dr. Tariq Taha: “With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
It is still uncertain if the bank taps Ripple’s xCurrent, an enterprise blockchain software that makes it possible for end-to-end tracking of payments and instant settlements worldwide. Another option is Ripple’s xRapid product which makes use of Ripple’s token cryptocurrency XRP to provide real-time liquidity for international transactions. A few months back, money transfer giant Western Union revealed it will adopt XRP in a Ripple blockchain pilot. For the time being, BankDhofar is yet to disclose details of the product it will be using.
Making efficiency, security and transparency a top priority, ‘[t]his initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers,’ BankDhofar said.
This new decision is part of the bank’s digitization strategy that also witnessed BankDhofar join Bank Chain, a multinational blockchain group that started in India, led by the State Bank of India, the country’s largest bank.