Even though a lot of people tend to overlook Ripple, the company is working hard behind the scenes. So much even they announced their first Middle Eastern bank partnership. The National Bank of Abu Dhabi will use the Ripple protocol for cross-border transactions moving forward. This is a major development, especially since a lot of other banks around the world are closely eyeing this technology.
Ripple Breaks Ground In The Middle East
It was only a matter of time until financial institutions around the world would pay attention to Ripple. This project’s distributed ledger technology has been of great interest to a lot of people. It facilitates cross-border transactions and can be used to complete transfers across multiple distributed ledgers. The National Bank of Abu Dhabi is the latest institution to see the benefit of this technology.
The goal is to integrate this new payment channel within the existing infrastructure. That is quite a significant development, as it hints at impending integration. Regional customers will be able to instantly transfer funds to beneficiary accounts. Additionally, they will see their transactions take place in real-time at all times. Ripple can make a big impact in the United Arab Emirates, as it is one of the top remittance-sending countries in the world today.
It is good to see financial institutions explore new technologies whenever possible.Enhancing the customer experience is of the utmost priority for the National Bank of Abu Dhabi. Blockchain technology will play a big role in this regard, and Ripple seems to be the best provider for such a service. In the long run, this integration will result in a more efficient and flexible service for all bank customers.
It has to be said, Ripple has been on a roll as of late. The company is attracting a lot of attention from banks all over the world. The number of banks appreciates this technology is slowly growing on a global scale, that much is evident. Real-time payment flows are becoming the main center of attention as of right now. Ripple has the technology to make it happen. This global adoption of their technology will be quite a test of their distributed ledger system, though.
Header image courtesy of Shutterstock
