Ripple announced that it will be adding a new member to its global network of banks and payment provider. The Oman- based bank, BankDhofar, is the first in its country to partner up with the blockchain developer.
Announced Monday, BankDhofar, the financial investment management company, has entered a partnership with RippleNet. The bank’s team considers that this initiative will provide their clients with an opportunity to make global cross-border payments using Ripple’s blockchain technology, a stated a press release.
More than 120 financial establishments have already joined RippleNet to use the benefits of blockchain technology in transferring payments overseas. This network is expected to continually expand and grow in numbers.Chief information officer at BankDhofar, Dr. Tariq Taha, said:
“With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
BankDhofar notably did not disclose which Ripple product it will be using to improve its clients’ transactions. They also did not reveal if they will be using the XRP Ledger, the open-source codebase that uses the XRP cryptocurrency. Further details are expected to appear soon.
“This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers,” the release reads.
BankDhofar made a step towards new technologies, being among very few blockchain adopters in the Middle East. A few months ago, BankDhofar joined Bankchain, an association of more than 27 banks that was established in February 2017 to develop blockchain solutions for the banking industry.
It can be said that this recent entrance into RippleNet blockchain network is a part of BankDhofar’s larger strategy “Together 2020,” which has the purpose of placing the bank as the leader in the Gulf area.