Bank of Dhofar Successfully Adopts Ripple’s xRapid Platform

Ripple’s platform for cross border payments has been adopted by many prominent financial institutions, across the world. The more secure, faster and cost effective alternative that Ripple has provided to the existing system of cross border payments is truly commendable.

On the list of the banking institutions that have launched xRapid, is a new name which is the Bank of Dhofar, based in the Sultanate of Oman. This comes as no surprise, considering more and more banks in the UAE and Gulf region have been warming up to Ripple’s blockchain payment solutions.

Navin Gupta, Managing Director, South Asia and MENA at Ripple, tweeted the following as a congratulatory message:

“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non Resident Indians (NRIs) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple”

The announcement clearly indicated how glad the Bank of Dhofar is to be live on the RippleNet right now. This makes the Bank the first such financial institution in the Sultanate of Oman, and the surrounding region.

With this collaboration underway, Bank of Dhofar will now be able to facilitate international and instant transfers through mobile banking. The Bank also offers a mobile banking app, which can facilitate cross border payments in under two minutes.

The announcement also added,

“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”