The UAE's RAK Bank pulls a wave of bulk instant payments to India

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RAK Bank, a retail and business bank in the United Arab Emirates, has been associated with blockchain Ripple startup payments to retail customers in India, the most great receiver of remittances to the world.

The era of instant, low-cost and blockchain remittances is slowly taking shape. RAK Bank, also known as the Ras Al-Khaimah National Bank, emirate in the United Arab Emirates, is joining RippleNet, RippleNet's global network, to allow Axis Bank customers in India to receive payments Retail. The private lender is India's third largest private bank and has joined Ripple's banking clientele earlier this year.

In a statement, the Director General of the RAK Bank, Peter England, stated:

[B] Using Ripple's Blockchain solution to power international payments, our customers can now send money easily and in real time. Joining the Ripple Network is in line with not only our Blockchain strategy, but it also allows us to expand our payment footprint.

According to a report by the Emirates News Agency, the Emirates-based bank will launch instant, frictionless and secure money transfer services via its RAKMOneyTransfer (RMT) to bank customers Axis based in India in a few seconds. end-to-end visibility of the entire payment process.

Axis Bank, a major private sector lender in India, has partnered with San Francisco-based Ripple in January of this year. The bank started using the Ripple blockchain for cross-border transfers after the first pilots in late 2016.

Himadri Chatterjee, president of Axis Bank, added:

Although there have been significant innovations in domestic payments, cross-border remittances have experienced limited developments. By using APIs and Distributed Registries technology, it is possible to radically change the way international payments are handled.

RAK Bank joins a growing list of other regional banks and transfer houses using Ripple's technology for cross-border payments. In February, the National Bank of Abu Dhabi – the largest bank in the emirate – claimed the first retail financial institution in the Middle East to allow real-time transfer with blockchain technology of multiple corridors between the region and Asia. More recently, the UAE Exchange, one of the region's leading remittance operators, present in 31 countries, has also announced a partnership with Ripple for real-time cross-border payments.

Image from Shutterstock.

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