Ripple’s global network of banks and payment providers welcomed a brand new member. BankDhofar is an Oman-based financial investment management company and it was announced on Monday, May 1 that it joined RippleNet.
This move will enable the bank to provide global cross-border payments using Ripple’s blockchain technology, according to the press release.
BankDhofar joins more than 100 financial institutions
“Ripple’s leading Blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features will help BankDhofar save their customers both time and money when sending payments overseas. BankDhofar joins more than 100 financial institutions including banks and payments providers using Ripple’s Blockchain technology to provide a global payments experience that delivers instant, certain, low-cost cross-border payments to their customers,” says the press release.
This move is the latest one that places BankDhofar among an early set of blockchain movers in the Middle East.
Earlier this year the bank also joined Bankchain which is a consortium of more than 27 banks that was launched back in February 2017 with the aim of exploring blockchain solutions for the banking sector.
“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,” Dr. Tariwq Taha, chief information officer at BankDhofar said.
BankDhofar’s efforts are concentrated in “Together 2020”
The bank did not specifically say what Ripple products it will use to achieve all those benefits nor if it plans to use XRP Ledger which is the open-source codebase that uses the XRP cryptocurrency.
The bank’s recent entrance into Rippler’s blockchain network is a significant move which is only a part of BankDhofar’s massive effort called Together 2020 which targets to position the bank in the lead in the Gulf region.
“As part of its Together 2020 journey which aims at reaffirming its position as a leading bank in the Sultanate and the best in the Gulf, BankDhofar continues to provide the best customer experience, innovative products and creative services that are custom-made to meet the needs and requirements of our customers,” according to the press release.