Ripple Collaborates with Oman’s BankDhofar for Cross-Border Payment

Ripple collaborated with Oman’s BankDhofar to link with the Indian private sector bank IndusInd Bank to allow cross-border payments in India. according to a Ripple release dated May 26. 

Ripple Collaborates With Oman’s BankDhofar

According to a Ripple statement dated May 26, BankDhofar will use RippleNet to collaborate with IndusInd Bank, a well-known private sector bank in India.

Cross-border mobile payment using the BankDhofar Mobile Banking App will be executed swiftly, cost-effectively, and with end-to-end visibility as a result of the agreement.

“People need to send money to loved ones overseas more than ever,” said Navin Gupta, Managing Director of South Asia and MENA. “Ripple is thrilled to collaborate with BankDhofar and IndusInd Bank to use blockchain technology to make cross-border transfers from Oman to India easier, cheaper, and more reliable.”

Creating an application that allows for the efficient movement of payments is rapidly becoming a source of competitive advantage and distinction.

This is why Ripple’s collaboration with Oman’s second-biggest bank, BankDhofar, comes at such an exciting moment – it’s another proof point of Ripple’s vision of the Internet of Value, which will allow the world to transfer money the way it moves information today.

Leading Alliances Are Propelling Industry Firsts

BankDhofar will collaborate with IndusInd Bank, a renowned Indian private sector bank, to enable real-time payments into India. Customers can rapidly transfer up to OMR 1,000 ($2,600) to Indian deposit accounts using BankDhofer’s Mobile Banking App.

This first-of-its-kind service in Oman is more crucial than ever before, as India remains the world’s leading remittance recipient.

Increasing Credibility With Blockchain Technology

BankDhofar’s relationship with Ripple enables it to boost customer satisfaction. Using RippleNet has also underlined Bank Dhofar’s reputation as a Sultanate Bank that is always innovating.

RippleNet uses blockchain technology to enable partners across a worldwide network to enhance and grow their business performance. It provides an exceptional end-user experience, simplified network partnership, liquidity management solutions, lines of credit, and cutting-edge infrastructure that allows real-time payments.