Rakbank Integrates Ripple Blockchain Net for Cross Border Payments

Blockchain, FinTech, Innovation | November 23, 2017 By:

The National Bank of Ras Al-Khaimah (Rakbank) has integrated Ripple‘s blockchain network RippleNet to power cross border payments.

Rakbank is a retail and business bank headquartered in the United Arab Emirates (UAE). The bank provides conventional and Islamic retail, small business, and commercial banking services through a network of 38 branches and 285 ATMs in the UAE, as well as its telephone, online and mobile banking channels.

RippleNet is a decentralized global network of banks and payment providers using Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.

After joining Ripple’s blockchain network last month, Rakbank has susccessfully launched secure money transfer services through its Ripple-powered RAKMoneyTransfer (RMT) to Axis Bank account holders in India. The bank said the live retail remittance payments reached their destination account in seconds and with end-to-end visibility throughout the entire process.

Rakbank stated that its partnership with Ripple is part of its commitment to support the significant and growing remittance flows from the UAE to India, as well as other major remittance corridors in the region. The bank plans to expand its RAKMoneyTransfer remittance service to other markets in the coming months.

“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,” said Rakbank CEO Peter England. “Joining the Ripple network is in line with not only our blockchain strategy, but it also allows us to expand our remittance footprint.”