Oman-based BankDhofar has joined Ripple's payment network to connect with India's IndusInd Bank for real-time mobile remittances.
Thanks to RippleNet, BankDhofar customers will be able to transfer up to OMR 1,000 (around $2600), to deposit accounts in India - the top remittance receiving country in the world - instantly through their mobile app.
Ripple says its blockchain-based network means that payments will be processed instantly, reliably, cost-effectively and with end-to-end visibility anywhere in the world.
Navin Gupta, MD, South Asia and Mena, Ripple, says: “Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”