Omani lender BankDhofar has entered into a partnership with Ripple to enable remittances to India.
The lender joined Ripple’s payment network RippleNet to connect with India’s IndusInd Bank and enable real-time money transfers.
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The BankDhofar customers can use the mobile app to transfer up to OMR1,000 ($2,600) to deposit accounts in India.
Notably, India is one of the top remittance receiving countries in the world.
Ripple South Asia and MENA managing director Navin Gupta said: “More than ever, people need to send money to loved ones abroad.
“Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”
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By GlobalDataBankDhofar Digital Banking head Abu Baker Karim Al Balushi said: “At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers.
“This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”
RippleNet uses blockchain technology to connect financial institutions via a single API. The technology enables payments to be processed instantly with end-to-end visibility.
Last year, UAE-based National Bank of Fujairah (NBF) partnered Ripple for seamless cross-border money transfers.
