24 May 2017
Visit cib.db.com

Ripple lands first Middle Eastern bank

01 February 2017  |  15624 views  |  0 Middle East

The National Bank of Abu Dhabi (NBAD) has become the first bank in the Middle East to use the Ripple protocol for cross-border payment transactions, joining a growing list of banks around the world adopting the technology.

At NBAD, the new channel sits within the bank's existing payments infrastructure and offers regional customers end-to-end visibility of transactions and the instant transfer of funds to beneficiary accounts.

According to the 2016 World Bank migration and remittances factbook, the UAE is ranked as the fourth top remittance-sending country in the world, accounting for more than $19 billion (Dh70 billion).

Vineet Varma, managing director & head of global transaction banking, NBAD says: “We’re always exploring new ways to enhance our customers’ experience. With blockchain, we hope that we could address the needs of our customers and drive forward more efficient and flexible service.”

Ripple has been building up a head of steam since scoring a $55 million funding round back in September last year, landing new clients across the globe attracted to the promise of real-time payment flows with transaction immutability.

Brad Garlinghouse, CEO of Ripple, comments: “Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base, and in doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Axis Bank ties up with Ripple for cross-border remittances

Axis Bank ties up with Ripple for cross-border remittances

10 January 2017  |  5624 views  |  0 comments | 11 tweets | 8 linkedin
SEB to build Ripple-flavoured blockchain payments network

SEB to build Ripple-flavoured blockchain payments network

07 November 2016  |  10402 views  |  1 comments | 13 tweets | 14 linkedin
Ripple CEO Larsen makes way for Garlinghouse

Ripple CEO Larsen makes way for Garlinghouse

01 November 2016  |  7849 views  |  0 comments | 11 tweets | 6 linkedin
Banks test Ripple digital asset for cross-border payments

Banks test Ripple digital asset for cross-border payments

20 October 2016  |  7639 views  |  0 comments | 10 tweets | 10 linkedin
Ripple rudely gatecrashes Sibos party

Ripple rudely gatecrashes Sibos party

28 September 2016  |  17497 views  |  3 comments | 47 tweets | 39 linkedin
Swift beware: Ripple signs banks to global payments steering group

Swift beware: Ripple signs banks to global payments steering group

23 September 2016  |  13708 views  |  0 comments | 36 tweets | 18 linkedin
Ripple scores $55 million funding round; adds new bank members

Ripple scores $55 million funding round; adds new bank members

15 September 2016  |  8992 views  |  0 comments | 20 tweets | 20 linkedin
Japanese bank consortium to build new payments network with SBI Ripple Asia

Japanese bank consortium to build new payments network with SBI Ripple Asia

23 August 2016  |  10066 views  |  0 comments | 24 tweets | 19 linkedin
Ripple goes after Swift; talks up multi-sign

Ripple goes after Swift; talks up multi-sign

06 July 2016  |  10366 views  |  0 comments | 19 tweets | 19 linkedin
Banks embrace Ripple and move beyond testing to real-world transactions

Banks embrace Ripple and move beyond testing to real-world transactions

22 June 2016  |  13345 views  |  0 comments | 39 tweets | 38 linkedin
Santander taps Ripple blockchain tech for international payments app

Santander taps Ripple blockchain tech for international payments app

26 May 2016  |  14849 views  |  0 comments | 36 tweets | 43 linkedin
Ripple opens London office to serve European demand

Ripple opens London office to serve European demand

21 March 2016  |  12937 views  |  1 comments | 20 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.comDownload the paper now

Top topics

Most viewed Most shared
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8890 views comments | 27 tweets | 28 linkedin
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8866 views comments | 29 tweets | 35 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8733 views comments | 22 tweets | 31 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8660 views comments | 21 tweets | 24 linkedin
hands typing furiouslyOpen APIs - Leveraging Banking As a Servic...
6682 views 1 | 7 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job