Ripple's blockchain solution for cross-border payments will be used by Oman's BankDhofar.
Dr. Tariq Taha, Chief Information Officer at BankDhofar, explained the purpose of the move:
“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”
By using this technology, the bank will be able to provide real-time, traceable payments within a standardized ruleset.
Earlier this year, BankDhofar became the first bank in Oman to join BankChain - a “community of banks for exploring, building and implementing blockchain solutions” which currently counts over 30 members globally.
The move to join RippleNet is part of a larger initiative - “Together 2020”, a “continuous transformation plan” that aims to reaffirm BankDhofar’s position as one of the best banks in the Gulf region by putting “digital technology and innovation at the core of its strategy to improve customer experience”.
By Nadya Astam