Ripple crossed a new milestone recently when they announced their partnership with the National Bank of Abu Dhabi (NBAD). UAE’s largest lender, NBAD, became the first bank in the Middle East to use Ripple’s technology in order to offer real-time cross-border payments to its customers.
“RippleNet” aims to eliminate the need for intermediary banks to facilitate the transfers and also provide an alternate mechanism to the current SWIFT system which is not as technologically advanced. Blockchain technology will bring speed, security, and transparency to the banking sector.
Managing Director and Head of Business and Product Management at GTB Business, Ramana Kumar says,
“At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way in 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 clients payments needs.”
Ripple CEO Brad Garlinghouse commented,
“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments…. NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base”
David DeCarlo, a market speculator from Somerville says,
“Ripple isn’t perfect, and there is no guarantee that it will be adopted by all banks. However, I have strong faith in the product because if SWIFT could do things better, they would have by now. They take days to process transfers and ripple can do the same in seconds.”
The adoption of Ripple’s payment solution is growing at a rapid pace. It has already announced partnerships with Kringsri (Bank of Ayodhya PCL) – one of the largest banks in Thailand, Santander, MoneyGram and now the National Bank of Abu Dhabi.