Ripple’s global enterprise blockchain network has added its latest member in BankDhofar, an Oman-based financial institution.
In an announcement on Tuesday, Muscat-based BankDhofar confirmed its move to join RippleNet, an enterprise blockchain that sees over 100 financial institutions globally as members including banks, payment providers and financial institutions.
The bank said the implementation of Ripple’s blockchain technology in payments will help save its customers ‘both time and money’ when sending remittances overseas.
BankDhofar chief information officer Dr. Tariq Taha added:
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.
It remains to be seen if the bank taps Ripple’s xCurrent, an enterprise blockchain software that enables end-to-end tracking of payments and instant settlements globally. An alternative is Ripple’s xRapid product which uses Ripple’s token cryptocurrency XRP to bring real-time liquidity for international transactions. Earlier this year, money transfer giant Western Union confirmed it would use XRP in a Ripple blockchain pilot. BankDhofar has not revealed any details of the product it will be using, yet.
With a focus on efficiency, security and transparency, ‘[t]his 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,’ BankDhofar said.
The move comes as a part of the bank’s digitization strategy that also saw BankDhofar join BankChain, a multinational blockchain consortium that originated in India, led by the State Bank of India, the country’s largest bank, earlier this year.