It's been a great year for Ripple, with the blockchain payments company seeing a rapid rise in new partnerships globally. The latest in this line is BankDhofar, the second largest bank in Oman. The bank has signed up to use RippleNet to provide hassle-free, profitable, and real-time payments.
BankDhofar becomes the first bank in the Sultanate of Oman to join RippleNet, a network that offers connections to hundreds of financial institutions around the world through a single API. One of its biggest attractions is its on-demand liquidity (ODL), a service that eliminates the need to pre-finance accounts. This service uses XRP to obtain liquidity during cross-border transactions, offering one of the most advanced alternatives to traditional systems. RippleNet already has an impressive list of clients, including American Express, Bank of America, Santander, Standard Chartered, and SBI Remit.
BankDhofar will connect with IndusInd Bank, a leading Indian private sector bank to drive real-time payments to India. This association is especially significant as India is the world's largest recipient of remittances. In 2020, the Asian giant received $ 83 billion, well ahead of China in second place with $ 60 billion. India has topped the remittance charts since 2008.
BankDhofar customers will be able to transfer up to $ 2,600 to India instantly through a mobile app.
Ripple is changing the cross-border remittance industry
Navin Gupta, Ripple's Managing Director for South Asia commented:
“More than ever, people need to send money to their loved ones abroad. Ripple is pleased to partner with BankDhofar and IndusInd Bank to enhance the cross-border payment experience from Oman to India to be easier, cheaper and more reliable with blockchain technology. "
BankDhofar is equally enthusiastic about the partnership, revealed its head of digital banking, Abu Baker Karim Al Balushi.
“This service will allow BankDhofar to be in a leadership position to offer a range of new instant payment products and services. We hope to activate the service to other countries in the world ”.
BankDhofar views its partnership with Ripple as an opportunity to maximize its transparency, efficiency, and security.
In addition to using RippleNet, BankDhofar is also a member of BankChain, a community of banks that explores and creates blockchain solutions. Other members include Deutsche Bank, Federal Bank, Bank of India, Citibank, and Intel.