Ripple’s global enterprise blockchain network has added its latest member in BankDhofar, an Oman-based financial institution.
They announce that, Muscat-based BankDhofar confirmed to join RippleNet, which has already 100 world financial instutitions on its list.
Bank Dhofar chief information officer Dr Tariq Taha said the implementation of Ripple’s blockchain technology in payments will help save its customers ‘both time and money’ when sending remittances overseas.
With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.
The move comes as a part of the bank’s digitization strategy that also saw BankDhofar join BankChain, a multinational blockchain consortium that originated in India, led by the State Bank of India, the country’s largest bank, earlier this year.