UAE-based National Bank of Fujairah (NBF) has entered into a partnership with blockchain company Ripple for seamless cross-border money transfer leveraging Ripple’s blockchain solution.
Dubbed RippleNet, the solution will allow the bank’s customers to carry out secure and real-time payments with clear end-to-end tracking of transactions.
The UAE-based bank will primarily leverage RippleNet to service its Indian customer base. It conducts remittances to India through Indus Ind Bank.
The platform will not only allow the bank to use the Ripple cross border network but also help enhance users’ experience while transferring the funds.
It will facilitate speedy execution of transfers and trace every step in the fund transfer.
The bank said that the partnership is in line with its strategy to apply latest technologies to its operations.
Commenting on the partnership, NBF CEO Vince Cook said: “Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients.
“RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way.
“We will always look for the next best thing for our customers as part of our commitment of being the best financial partner for their business and personal needs.”
Established in 1982, NBF specialises in corporate and commercial banking, treasury and trade finance.