Ripple’s leading Blockchain solution for cross-border payments has added a new member to its fold. In an Announcement on Tuesday, Oman-based BankDhofar confirmed its move to join Ripple’s global enterprise Blockchain network – RippleNet. BankDhofar joins more than 100 financial institutions including banks and payments providers using RippleNet to provide a global payments experience that delivers instant, certain, low-cost cross-border payments to their customers.
Dr. Tariq Taha, Chief Information Officer at BankDhofar stated:
“We are delighted to be the first bank in Oman to join RippleNet and access more than 100 of its member banks and other financial institutions utilizing blockchain for instant payments. 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.”
The move essentially makes BankDhofar one of the earliest set of blockchain technology movers in the Middle East. In late February, BankDhofar joined the Bankchain consortium that involves over 27 banks launched in February 2017 with the aim of exploring blockchain solutions for the banking industry.
In the press release, BankDhofar stated that:
“This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers. BankDhofar earlier this year joined the leading Blockchain consortium BankChain. Being the first bank in Oman to join BankChain, BankDhofar will be able to improve its customers’ satisfaction through maximizing operations efficiency, security, and transparency.”
It remains to be seen which Ripple Products BankDhofar is seeking to use to tap into benefits offered by RippleNet, nor if it was open to using XRP Ledger, the open-source codebase that utilizes the XRP Virtual Currency