UAE’s NBAD Integrates Ripple Blockchain Tech for Cross Border Fund Transfer
NBAD announces the inclusion of blockchain technology for cross-border funds transfer, becomes first Middle Eastern bank to do so. The blockchain industry in the Middle East is driven by the United Arab Emirates (UAE). The National Bank of Abu Dhabi, better known as NBAD is one of the institutions leading the blockchain wave in the country’s financial sector. It has become the first bank in the Middle East to use blockchain technology for real-time cross-border payments. The blockchain based fund transfer system implemented by NBAD uses Ripple’s Distributed Financial Technology. The....
Related News
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....
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....
CoinDesk published a news item this week that, at first, seemed pretty ordinary. Dig deeper, though and you uncover an unusual development that highlights intriguing socio-economic and geopolitical trends. To begin, let’s look at the "what, where and why". The What. A bank is implementing a blockchain-based cross-border payments system. The National Bank of Abu Dhabi (NBAD), the second largest lender in the United Arab Emirates (UAE), announced it would introduce real-time cross-border payments using Ripple technology – a move that makes it the first bank in the Middle East to do....
Santander has begun using an app for international payments using Ripple Labs’ blockchain technology, according to Ripple on its Ripple Insights website. The pilot app makes Santander the first U.K. bank to use Ripple technology for cross-border payments. Santander is introducing the app as a staff pilot, with the intention to expand the technology. Once the app is downloaded, Santander staff just have to complete profile details to start to make payments. The app connects to Apple Pay, where users can securely confirm payments using Touch ID. It allows users transfer between £10 and....
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....