Mobile banking has seen significant growth lately, and the Covid-19 pandemic has amplified the need for more efficient and effective banking solutions for both consumers and businesses.
According to Ripple, RippleNet and BankDhofar’s partnership stands as Proofpoint of Ripple’s vision of the Internet of Value, enabling the world to move money in the same way as information.
Setting The Standard With Leading Partnerships
BankDhofar is the first bank in the Sultanate of Oman to join RippleNet, Ripple’s global payments network. In addition, BankDhofar will be connected with IndusInd Bank, one of India’s leading private sector banks, to drive real-time payments into India.
Thanks to the partnership, cross-border transactions made through the BankDhofar Mobile Banking App will be processed instantly, cost-effectively, reliably, and with end-to-end visibility globally.
A First-Of-Its-Kind Service
This is a first-of-its-kind service in the Sultanate of Oman and is more important thanks to India being the top remittance-receiving country in the world. Customers of BankDhofar will now be able to transfer up to OMR 1000 ($2600) to accounts in India using BankDhofar’s Mobile Banking App.
Navin Gupta, Managing Director of South Asia and MENA, stated,
“More than ever, people need to send money to loved ones abroad. Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper, and more reliable with blockchain technology.”
Abu Baker Karim Al Balushi, The Head of Digital Banking at BankDhofar, added,
“At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers. “This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”
Enhancing Credibility With Blockchain Technology
Ripple and BankDhofar’s partnership will enable the latter to significantly improve customer satisfaction by maximizing operational efficiency, transparency, and security. In addition, by partnering with RippleNet, BankDhofar has reaffirmed and enhanced its status as a bank in the Sultanate of Oman that is continuing to innovate.
This was further established when BankDhofar joined BankChain, the leading blockchain consortium, as the first bank in the Sultanate to endorse and support best practices and solutions in blockchain technology. RippleNet believes that its expansion in the Sultanate of Oman and its partnership with BankDhofar is a step in the direction of enabling interoperable cross-border payments and building a financially inclusive future.
RippleNet helps global partners accelerate the performance and scale of their business by leveraging blockchain technology. It delivers to its users and partners a superior end-customer experience, liquidity management solutions, simplified network partnering, credit lines, and state-of-the-art infrastructure to enable real-time payments.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.