The second largest bank in Oman, BankDhofar, started using RippleNet technology to make cross border payments. This time, it is about payments to India only. this news was announced by the managing director of MENA and South Asia at Ripple.
RippleNet is a globally functioning blockchain based payment system, or rather payment network developed by the company called Ripple. This year, Ripple expanded its network for more than 200 clients, including such industry leaders like SendFriend, Transpaygo, Euro Exim Bank, JNFX.
According to the announcement, BankDhofar is the first bank in the country that will use the RippleNet. Now, thanks to the technology, the bank is going to be able to send transfers in less than a couple of minutes, instead days, like it takes by SWIFT. For now, only cross-border payments to India are available, but with time the bank is planning to expand the network.
BankDhofar started its activity in 1990, and for now it is one of the biggest and the most popular banks in the country. The total revenue of the establishment is more than 28 mln USD.