Ripple Partners with NBF for Cross-Border Payments via RippleNet
On the 2n of March 2020, the National Bank of Fujairah (NBF) announced its partnership with Ripple, a leading blockchain remittance company. The deal aims at allowing seamless cross-border payments through the RippleNet platform. Additionally, RippleNet will enable NBF’s customers to conduct and secure real-time payments with clear end to end tracking of transactions.
Vince Cook, the National Bank of Fujairah CEO, noted that banks have to act with agility and look for new and improved methods to provide services to their customers in this growing financial environment. According to Cook, NBF understands the need to leverage blockchain technology to deliver a seamless and frictionless experience to its customers.
How Adopting Blockchain Technology will Benefit NBF
Cook said that RippleNet would enable the bank to stimulate an enhanced payment experience to help its corporate clients to manage their finances efficiently. Additionally, NBF will capitalize on the RippleNet blockchain solution to conduct remittances to Indians through Indus Ind Bank.
The solution will enable NBF to leverage the Ripple cross-border network and enhance the user experience in the fund transfer. RippleNet’s traceability and transaction speed will allow customers to achieve sustainable improvement in the transparency and effectiveness of payments.