BankDhofar is the latest high profile financial institution to join Ripple global network, RippleNet. The Oman based financial investment management company intends to use RippleNet to enable cross-border payments.
BankDhofar RippleNet Integration
The financial institution is yet to confirm which other Ripple products it intends to use. BankDhofar plans leverage as many capabilities of blockchain technology as possible. It remains to be seen if BankDhofar will tap Ripple’s xCurrent enterprise blockchain software. That software allows for end-to-end tracking of payments and instant settlements. It could also adopt, xRapid, a product that uses Ripple’s native currency XRP to provide real-time liquidity for international transactions.
BankDhofar’s entrance into the RippleNet blockchain is an effort seeking to strengthen the company’s competitive edge in the Gulf region.
“This initiative is part of BankDhofar 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 in a statement.
The bank expects the integration of RippleNet to help save customers’ time and money when sending remittances overseas. Clients will now be able to send and receive money within seconds. The initiative is part of BankDhofar’s plans to improve efficiency, security and transparency of its services and products.
Integration of RippleNet is also part of the financial service management company digitization strategy that has seen it join India’s multinational blockchain consortium, BankChain, made up of over 27 banks.
RippleNet Growing Demand
RippleNet, an enterprise blockchain, has been growing in popularity in recent months given the benefits it offers when it comes to transferring money across borders. The blockchain boasts of low transaction costs as well as high processing speeds that has seen more than 100 financial institutions adopt it.
BankDhofar joins a string of high profile financial institutions that have joined RippleNet in a bid to improve customer service. Early in the year, Western Union confirmed plans to use XRP as part of a Ripple blockchain pilot program.
Over the past month, RippleNet has added five new clients including FairFx, RationalFX, and Exchange4Free from the United Kingdom, as well as UniPay form Georgia, and MoneyMatch from Malaysia. The additions have gone a long way in strengthening Ripple sentiments in the cryptocurrency market.
Ripple (XRP) has since regained nearly 70% of market value lost over the last two weeks. The cryptocurrency with a market cap of about $81 billion is currently trading at the $0.88 mark. Recently, is has shown signs of bouncing back to highs ofnear $0.95.