Ripple Added Another Bank To Its Instant International Payments Blockchain

A new bank has been added to Ripple’s instant international payments blockchain. The latest bank is BankDhofar which is an Oman-based financial institution which confirmed its move to join RippleNet, the enterprise blockchain that currently sees more than a 100 financial institutions including payment providers, banks, and financial institutions.

The official announcement came this Tuesday, where the bank said that they are confident to see how Ripple’s blockchain technology will help and save the time and money of their customers when sending remittance overseas.

According to the BankDhofar CIO, Dr. Tariq Taha:

“RippleNet can help our bank provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”

Currently, everyone is predicting that this bank would tap into Ripple’s xCurrent technology too – which enables end-to-end tracking of payments and instant settlements all around the world. On top of that, the xRapid product is attractive too – and one that uses Ripple’s cryptocurrency (XRP) to bring real-time liquidity for all international transactions.

BankDhofar’s move is currently focused on the efficiency, security and transparency that xCurrent. As the announcement reads, “the 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.”

While BankDhofar’s move is part of the bank’s digitization strategy, it is certainly something that will help its users enjoy sending payments abroad.