Yesterday, UAE’s National Bank of Fujairah (NBF) announced it is joining the RippleNet platform for cross-border payments to India through Indus Ind Bank. Using RippleNet, NBF aims to enable real-time payments with end-to-end tracking of transactions.
RippleNet is the blockchain solution from Ripple that competes with the SWIFT messaging system. The company has another solution called On-Demand Liquidity (ODL), which leverages XRP for fund transfers.
RippleNet is the preferred choice for banks due to their existing relationships with other banks around the world. The NBF will use the solution to speed up remittance transactions, starting with India. India is the top recipient of remittances across the world, according to data from the World Bank which show it received $79 billion in 2018. The UAE, which has over 2.5 million Indians, has been the largest source of remittances to India, amounting to about 27% of the total.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
