BankDho­far joins Rip­pleNet

Banking Frontiers - - Banking In The Gulf -

BankDho­far has be­come the first bank in Oman to join Rip­pleNet, Rip­ple’s en­ter­prise blockchain net­work with over 100-mem­ber banks and fi­nan­cial in­sti­tu­tions. The bank is now able to ac­cess Rip­ple’s blockchain so­lu­tion for cross-bor­der pay­ments, in­clud­ing its bi-di­rec­tional mes­sag­ing and instant set­tle­ment fea­tures. It will help the bank in its efforts to save cus­tomers both time and money when send­ing pay­ments over­seas. Dr Tariq Taha, CIO at the bank, said the bank is now able to pro­vide instant, fric­tion­less and se­cure cross bor­der money trans­fers within sec­onds, with end-to-end vis­i­bil­ity over the jour­ney of the pay­ment. The bank has also joined blockchain con­sor­tium BankChain, be­com­ing the first bank in Oman to join the ini­tia­tive.

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