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National Bank of Fujairah To Use RippleNet For Cross Border Payments

National Bank of Fujairah To Use RippleNet For Cross Border Payments

Dubai-based National Bank of Fujairah (NBF) has announced its partnership with Ripple, a leading blockchain company. The blockchain technology will secure real-time payments while allowing clear end-to-end transaction tracking.

According to the bank’s CEO Vince Cook, the integration of Ripple’s Blockchain solution was prompted by the need to adjust with the dynamism of the banking sector. They also understand the potential of blockchain technology that is set to align with their key objective of ensuring their clients have a smooth-running experience.

“In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to serve their clients. We understand the importance of leveraging Blockchain technology to deliver seamless and frictionless experiences to our clients.”

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Vince Cook

Following the partnership, NBF plans to use RippleNet for cross-border remittance payments for Indian customers. The Shariah law compliant bank will be collaborating with Indian bank, Indus Ind Bank.

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