Ripple has scored yet another point in its quest for world domination, this time in the middle east where the Bank of Dohfar has joined its platform to facilitate cross-border transactions. This comes just a few weeks after Ripple signed up the National Bank of Kuwait to its platform.
The New was confirmed by Navin Gupta, Managing Director, South Asia and MENA at Ripple, who tweeted,
“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non Resident Indians (NRIs) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple”
With this new partnership, the bank of Dohfar is now the first in the Sultanate to offer instant funds transfers via their online platform. Thanks to Ripple, transfers from non-resident Indians to India can be done in minutes.
The bank, on their part, has shown excitement at joining the Ripple family and have stated that Ripple’s cross-border payment processing would be well-received by their customers.
“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app,” their statement said.
Ripple’s business model has been largely based on offering payment options that are cheaper and faster than the traditional options available to customers and this has helped them gain great traction, particularly in the Middle East, a sentiment shared by the chief information officer of BankDhofar, Dr. Tariq Taha, who said,
“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.”
For a very long time, SWIFT was the default option for international funds transfer. However, most customers found that this came with high transaction fees and frustrating waiting times.
Blockchain, while a newer technology, has subverted that by offering customers faster sending times and lower fees, which is all customers want. SWIFT, despite its own long-running dominance, parented with R3 to explore the potential use of blockchain in their own systems.
At the end of the day, the customers benefit the most from this competition between the old and the new as they have access to better services either way. This announcement has been well received online with twitter user @ edadoun saying that Indians both home and abroad would enjoy the service.
“Congratulations to you, Ripple, Oman and the region. While India has taken a cautious approach to blockchain and crypto, no doubt seeing this kind of tangible and positive impact directly on its citizens at home and abroad will help them feel more comfortable adopting,” the tweet said.