Ripple, in partnership with Oman’s second-largest bank, BankDhofar, has announced the launch of mobile banking payments from Oman to India through RippleNet.
Mobile banking has become a necessary technological advancement throughout all organizations out to provide an effective payment system. Especially now, in the wake of the Covid 19, customers and businesses alike are implementing solutions to eliminate paper transactions and achieve a competitive advantage.
This new BankDhofar-Ripple partnership comes at an opportune time to help redeem Ripple’s reputation amidst the ongoing lawsuit and propagate its vision of the internet of value.
BankDhofar will go down in history as the first bank in the Sultanate of Oman to integrate with global payment networks for real-time transactions.
While India remains the top payments receiving country in the world today, BankDhofar customers will be able to transfer up to $2600 to deposit accounts in India.
As of the mechanics involved, BankDhofar will own and use its inbuilt mobile banking application for payments.
Thus far, BankDhofar has offered collaboration to the largest private sectored bank in India, IndusInd Bank. Customers from either bank are within privileges to carry out cross-border mobile payments with end-to-end visibility anywhere in the world.
RippleNet Efforts in Building Credibility over the Blockchain Technology
RippleNet glorifies itself as the financial network for the future by leveraging blockchain to help businesses improve performance and scale. The top three capabilities it offers are decentralized infrastructure, modernized messaging, and liquidity solutions for competitive advantage.
As it currently stands, Ripplenet provides connection to hundreds of institutions globally via a single API. The single framework infrastructure makes moving money a faster and cheaper process as opposed to traditional means.
Regardless of your market expertise and visions, innovation should always be customer-led. Now that Ripple Partners with BankDhofar to Facilitate Cross Border Mobile Payments, the future of moving money-like information is upon us.