Sunday, January 24, 2021

National Bank of Fujairah Seals Partnership with Ripple for Cross-Border Money Transfers

The National Bank of Fujairah PJSC (NBF) has announced its partnership with Ripple, the leading enterprise blockchain company based in the United States.

This collaboration came as a result of the Bank’s quest to enact easy and seamless cross-border payments via RippleNet.

This partnership will bring about a solution that will help customers to conduct secure and real-time payments. All transactions effected by customers will be easily and clearly tracked.

How RippleNet Will Help the National Bank of Fujairah

The bank plans to leverage the benefits embedded in RippleNet to give its large Indian customers reliable remittances to India via Ind Bank.

RippleNet is expected to open the door for the bank to actively take advantage of the Ripple cross border network, which will concurrently enhance the user experience in the fund transfer.

The speed and the ability to trace all fund transfers will improve its banking activities and will also allow its customers to achieve substantial improvement in the transparency and effectiveness of the payments.

According to the report, the National Bank of Fujairah (NBF) holds an active record in tackling challenges of cross-border payments, as it recently marked its presence at the GTR MENA event 2020, where it joined forces with the region’s primary trading bodies to address key issues in the trading industry.

The CEO of the National Bank of Fujairah, Vince Cook said, “In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to serve their clients.

Digitization remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients.

RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way. We will always look for the next best thing for our customers as part of our commitment to being the best financial partner for their business and personal needs.”

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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