Abu Dhabi’s Largest Bank Just Launched Blockchain Cross Border Payments
The National Bank of Abu Dhabi has introduced real-time cross-border payments on a blockchain by integrating technology from industry firm Ripple. The offering will immediately benefit customers in the Asia-Middle East remittance corridor. Announced today, the NBAD laid claim to be the first bank in the Middle East and North Africa (MENA) region to go live with blockchain technology for real-time remittance. The new feature will facilitate its entire regional customer base with efficient, instant cross-border payments. In statements, Vineet Varma, NBAD managing director and chief for....
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Abu Dhabi’s largest bank has begun offering a new cross-border transaction service in partnership with distributed ledger startup Ripple. The National Bank of Abu Dhabi (NBAD), the emirate’s biggest bank and one of the largest in the UAE, said today that it has integrated Ripple’s technology into its own systems, allowing for intrabank transfers for NBAD customers. Vineet Varma, NBAD’s managing director and head of global transaction banking, said in a statement: “We’re always exploring new ways to enhance our customers’ experience. With blockchain, we hope that we could address the needs....
In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand. Before choosing Lightnet, SCB teamed up with Ripple’s partner Azimo in April to open a payment corridor between Thailand and Europe by using the Ripplenet. However, in announcing the new partnership, an executive with SCB lauds the new service....
An international banking alliance is using the Ripple blockchain network technology for cross-border payments efficiency. Banks from Canada and Israel signed an agreement with National Australia Bank (NAB), Australia’s largest business bank, to improve the security and efficiency of their payment systems, share innovation strategies, and more. Top Banks Use Ripple For Cross-Border Payments Currently, […]
Blockchain or distributed ledger technology (DLT) has yet to achieve widespread use, but it is mature enough to begin commercial use. Ripple, a DLT technology provider, believes the time is ripe for banks to work together to initiate a network for more efficient inter-bank and cross-border payments, according to a white paper [PDF] by Ripple and Accenture. The paper, titled, “The Journey to Real-Time Cross Border Commercial Payments using Distributed Ledger Technology,” noted that more than 600 alternative distributed networks have emerged since bitcoin began in 2009, including Ripple,....
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....