According to an announcement published Friday on Ripple’s blog, the UAE’s largest lender, the National Bank of Abu Dhabi (NBAD), has become the first bank in the Middle East to partner with Ripple. Through integrating Ripple’s technology, NBAD can now offer intrabank transfers and real-time cross-border payments to its customers.
Ripple to Provide Global Financial Settlement Solutions
Ramana Kumar, Managing Director and Head of Business and Product Management at Global Transaction Banking (GTB), appreciates the potential of blockchain technology as a way to offer efficient and transparent banking solutions:
At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way of achieving our goals and better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our client’s payments needs.
By integrating Ripple’s solution throughout its network, NBAD is able to offer its customers an efficient and reliable source for instant transfer of funds to a beneficiary in a cost-effective manner.
Bulletproofing Customer Data Security
In addition to speed and transparency, another crucial benefit …
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