Wednesday, Apr 1, 2020
International Finance
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National Bank of Fujairah and Ripple to facilitate cross border payments

National Bank of Fujairah Ripple
The UAE-based bank will use RippleNet to facilitate remittance payments to India through Indus Ind Bank

UAE-based National Bank of Fujairah (NBF) has joined hands with Ripple to facilitate cross border payments by leveraging the RippleNet platform.

The National Bank of Fujairah will leverage RippleNet’s network to serve its Indian customer base and facilitate remittance payments to India through Indus Ind Bank. RippleNet’s network allows the bank to provide its customers with a seamless payment experience.

Now, the National Bank of Fujairah‘s customers will be able to carry out secure and real-time cross border payments.

With regard to the partnership with Ripple, Vince Cook, chief executive at the National Bank of Fujairah told the media, “RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way. We will always look for the next best thing for our customers as part of our commitment of being the best financial partner for their business and personal needs.”

“In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients.”

The National Bank of Fujairah was also one of the first banks in the UAE to join the SWIFT Global Payment Innovation (GPI) network. The Swift network helps banks using its network to leverage transparency on fees and end-to-end traceability on payments conducted on behalf of clients.

Last year, the bank also joined the trade finance blockchain network Marco Polo. The network has 22 members including heavyweights such as Mastercard, BNP Paribas, ING and Standard Chartered.

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