The National Bank of Egypt, the country’s largest and oldest bank, has partnered with Ripple to enhance its cross-border payment, the partnership makes the bank to be the first to use blockchain technology in the whole of the country.
The collaboration could be seen as the beginning of new things for Egyptians abroad as the National Bank of Egypt prepares to welcome more effective cross-border remittances channel.
An agreement was signed between Ripple and the National Bank of Egypt. This newly opened corridor, courtesy of Ripple, would make Egyptians resident abroad to send money home.
The agreement signing was done in the presence of important personalities like the Chairman of the National Bank of Egypt, Hisham Okasha, Vice Chairman of the Board, Dalia El-Baz among others.
Naveen Gupta, Ripple’s Managing Director of the Middle East and North Africa, also witnessed the signing ceremony.
The Chairman of the bank, Hisham Okasha, said the collaboration will add a new and important corridor for receiving remittances from banks that are already Ripple’s partners. The National Bank of Egypt becomes the first to link with RippleNet in the country.
Dalia El-Baz also added that the Ripple network has over 300 banks and financial institutions that are located across the globe and there is a high expectation that the number of subscribers will grow exponential due to the mechanism offered by the services.
As said by Dalia, the collaboration has the potential to increase the National Bank’s foreign currency earnings, adding that the new channel will offer more opportunities for partnerships with banks across the world.
The partnership, according to some of the bank’s representatives, would improve the liquidity management mechanisms by both the bank and the correspondents.
As well, the payment sender has the advantage of knowing everything about the fund transfer, the time and the cost, instantly.
Ripple is making progress in the cross-border remittance world with the launch of new corridors on its On-Demand Liquidity.
NewsLogical reported that FlashFX is optimistic that Ripple will open around 20 corridors in the nearest future to increase the number of the present corridors. As well, XRP serviced 7.5% of remittances entering Mexico through the US.
XRP Ledger Awaits Deletable Account Implementation
Ripple CTO, David Schwartz, has revealed that XRP Ledger is awaiting deletable account implementation, provided that 80% of the validators on XRP Ledger agreed unanimously on the idea.
According to the CTO, the Deletable Accounts is a new feature proposed in the amendment process. The idea awaiting to acquire and retain an 80% supermajority, before it activates.
The new feature allows the XRPL accounts to be removed from the ledger, while most of the reserves locked in the accounts are recovered to prevent spam.
The idea is part of the changes offered by the amendment process which ensures sensible evolution is brought to the XRP Ledger through consensus.
The amendment process is a primary governance mechanisms employed by the XRP Ledger permitting that some vital changes are made to the XRP Ledger protocol and coordinated by the community.