The National Bank of Abu Dhabi announced that it will adopt "XRP Ledger (formerly Ripple Consensus Ledger, RCL)" which is the basis of ripple network for several transactions.
Ripple (Ripple) is a protocol designed for banks to be able to settle in real time. The biggest advantage of using ripples is that both banks and individuals can keep transaction costs low. With many existing encryption currencies, there is a problem that the transaction time is getting longer and the fee is unstable, and regarding the use in situations where immediacy and stability like financial transactions are required, There was great unease. Ripple is designed to cover that point and is now expected to withstand the business use of financial institutions, so it is attracting a great deal of attention in the financial industry now.
Abu Dhabi National Bank using ripple for cross-border transactions
In mid-June 2017, the National Bank of Abu Dhabi announced plans to adopt ripple in international transactions. The plan states that by integrating XRP Ledger into the existing system of the National Bank of Abu Dhabi, it is possible to make real money remittance from banks. Because the United Arab Emirates with Abu Dhabi National Bank boasts the world's top remittance amount, ripples will be widely used in remittances around the world through this collaboration.
The reason behind the choice of ripple by the National Bank of Abu Dhabi is that ripple emphasizes the efficiency of transactions crossing national borders, especially because it targets transactions between multiple payment networks.
Banks around the world are paying attention to the ripple ledger system
For remittance and settlement in real time, banks all over the world show interest, ripple has gained a lot of attention in recent months. It can be said that there is a need to carefully look on the success or failure of the partnership between the National Bank of Abu Dhabi and the ripple network. If the partnership with the Abu Dhabi National Bank and Ripple is successful, there is the possibility that ripples and banks around the world will have a positive partnership in the future.
Source: http://businessblockchain.org/ripple_abudhabi_national_bank?utm_source=twitter&utm_medium=official