It’s been a great year for Ripple, with the blockchain payments company seeing a rapid surge in new partnerships globally. The most recent in this line is BankDhofar, the second-largest bank in Oman. The bank has signed on to use RippleNet to provide seamless, cost-efficient and real-time payments.
BankDhofar becomes the first bank in the Sultanate of Oman to join RippleNet, a network that offers connections to hundreds of financial institutions around the world via a single API. One of its biggest attractions is its on-demand liquidity (ODL), a service that eliminates the need to pre-fund accounts. This service uses XRP to source liquidity during cross-border transactions, offering one of the most advanced alternatives to traditional systems. RippleNet already has an impressive list of clients including American Express, Bank of America, Santander, Standard Chartered and SBI Remit.
BankDhofar will connect with IndusInd Bank, a leading private sector Indian bank to drive real-time payments to India. This partnership is especially significant as India is the world’s biggest recipient of remittances. In 2020, the Asian giant received $83 billion, way ahead of China in second place with $60 billion. India has topped the remittance charts since 2008.
BankDhofar clients will be able to transfer as much as $2,600 to India instantly through a mobile app.
Ripple is changing the cross-border remittance sector
Navin Gupta, Ripple’s managing director for South Asia remarked
More than ever, people need to send money to loved ones abroad. 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.
BankDhofar is just as excited about the partnership, its head of digital banking Abu Baker Karim Al Balushi revealed.
He added, “This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”
BankDhofar is looking at its partnership with Ripple as a chance to maximize its transparency, efficiency and security.
In addition to using RippleNet, BankDhofar is also a member of BankChain, a community of banks exploring and building blockchain solutions. Other members include Deutsche Bank, Federal Bank, Bank of India, Citibank and Intel.