UAE-based National Bank of Fujairah is to provide customers with real-time cross-border funds transfers via the RippleNet network.
The bank intends to apply Ripple to service its large Indian customer base by conducting remittances to India through Indus Ind Bank. Key to the deployment is improvement in the user experience through the introduction of clear end-to-end tracking of transactions.
Vince Cook, NBF’s CEO, says: “In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients."
Last year, NBF also became a member of the Marco Polo blockchain network which utilises R3’s Corda enterprise blockchain technology.
Of the Ripple undertaking, Cook says: "RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way.”