Retail and business lender RAKBank of the United Arab Emirates (UAE) has joined hands with Ripple to launch instant cross-border blockchain payments for its retail customers in India.
This partnership of the bank with RippleNet will enable to live retail remittance payments to customers in Axis Bank in India
Earlier, American multinational financial services provider, the American Express Company had also partnered Ripple to use its technology to ensure instant cross-border payments with lower transactions costs.
It seems that the rising demand for blockchain has prompted the replacement of conventional bank remittances by instant low-cost payments.
“By using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint,” said Peter England, Chief Executive RAKBank.
Reportedly, the UAE based bank will launch instant, seamless and secure money transfers through RAK Money Transfer to Axis Bank customers based in India. The transaction and the entire process of payment will be complete within seconds along with an end to end visibility.
“While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled,” said Himadri Chatterjee, President, Axis Bank.
