RAKBANK Applies Ripple For Instant Cash Remittance

United Arab Emirates’ (UAE) popular banking institution, RAKBANK, is stepping up measures to bolster cross-border payments. Recently, the bank entered into an agreement with Sri Lanka’s, Cargills Bank, by leveraging its partnership with Ripple.

As a result of this agreement, RAKBANK will facilitate instant money transfer to Sri Lanka’s Cargills Bank using Ripple’s blockchain network. Moreover, the RAKMoneyTransfer (RMT) services will allow customers to make frictionless and secure money transfers.

Additional Benefits to RAKBANK Customers

The RAKBANK customers will also have the flexibility to use the bank’s credit card and remit money at competitive rates. Customers get a 55-day interest-free credit period with no hidden fees. Additionally, customers get an end-to-end visibility of the entire payment process from RAKBANK to Cargills bank.

RAKBANK CEO, Peter England, expressed optimism on the launch of this service:

“We, at RAKBANK, constantly focus on aligning our offerings through strategic partnerships to increase our remittance footprint on a global scale by optimizing the Ripple platform and network that we have at hand. The Bank is delighted to have partnered with Cargills Bank to extend its RMT services into Sri Lanka with the aim of offering the Sri Lankan expat community here in the UAE the ability to safely and instantly remit money back home.”

Simultaneously, Rajendra Theagarajah, Managing Director/CEO of Cargills Bank Limited, also expressed similar thoughts. He said that the new partnership will help strengthen relations between the two banks:

“We are delighted to partner with RippleNet and RAKBANK as a part of our drive to strengthen bank’s remittance service. Our goal is to make life easy for beneficiaries by having a 370+ Cargills Food City supermarket network to access their account or for cash pick-up. We are confident that this partnership would add value to Sri Lankan citizens across the globe.”

Ripple’s Growing Partnership With Global Banking Institutions

Although noteworthy, RAKBANK is just the latest of Ripple’s partnerships that include a series of previous inroads into the banking sector. Since the beginning of 2018, Ripple continues forming important partnerships with global banking institutions. Global banking institutions largely prefer Ripple’s xCurrent cross-border blockchain solution to make same-day international fund transfers.

Ripple is aggressively adding banks and money transfer companies to its own payments ecosystem called RippleNet.

More recently, SBI Ripple Asia launched its consumer-centric retail payments app MoneyTap, in Japan. SBI Ripple Asia is a joint venture between Ripple and Japanese financial giant SBI Holdings. It is also a consortium of 61 Japanese banks using Ripple’s blockchain solutions to facilitate inter-bank transfers.

The MoneyTap smartphone application uses Ripple xCurrent payment solution for round-the-clock instant money transfer.

Similarly, Spanish banking giant Banco Santander also launched Ripple-based OnePay FX application in April 2018 to facilitate instant payments across Europe and other international destinations.

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