The National Bank of Abu Dhabi (NBAD) has become the first Middle Eastern bank to introduce real time cross border payments using blockchain technology. Based on Ripple connectivity, it is intended to facilitate regional customers with a simple and secure way to process their payments within the bank’s network.
NBAD explains that it aims to significantly advance the way that cross border payments are made, reducing the investment and resources required by customers to send payments. This offers a secure end-to-end payment flow providing transaction immutability and payment integrity.
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Vineet Varma, Managing Director & Head of Global Transaction Banking, NBAD, said: “We’re always exploring new ways to enhance our customers’ experience. With blockchain, we hope that we could address the needs of our customers and drive forward more efficient and flexible service. Embracing technologies like Blockchain is a step in right direction for our customers.”
Brad Garlinghouse, CEO of Ripple, added: “Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base, and in doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”
Ramana Kumar, Managing Director and Head of GTB Business and Product Management, added: “At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs.”