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Ripple Adds Another Member to Instant International Payments Blockchain

May 2, 2018

 

Ripple’s blockchain network just got larger with its newest member, BankDhofar, an Oman-based financial institute.

The public announcement was made by BankDhofar on Tuesday, regarding the move to join RippleNet. RippleNet is a blockchain enterprise that has more than 100 financial institutes, banks, and payment options on its network.

The bank has stated that the move will help its customers save time and transaction fees while transferring money internationally.

CIO of BankDhofar, Dr. Tariq Taha added,

“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.”

However, BankDhofar hasn’t revealed yet if it is going to use Ripple’s xCurrent, a software used to track all transactions, or Ripple’s xRapid product, which uses its cryptocurrency to develop real-time liquidity for international transactions.

This move by BankDhofar is a step towards the digital world, in a bid to make technology the core of its strategy to enhance customer experience. Earlier this year, the Omani financial giant also joined a multi-national blockchain collaboration originated in India, called BankChain.