The National Bank of Fujairah (NBF), a UAE-based banked, has signed a partnership deal with San Fransisco based blockchain foundation Ripple to enhance remittance operation across borders using RippleNet solution, a report has said.
National Bank of Fujairah PJSC aims at using blockchain technology to service its customers to ensure secure and real-time payments.
The national bank of the UAE east coast region will begin to implement RippleNet for secure easy and seamless remittance operation as well as clear end-to-end tracking of transactions.
NBF will be leveraging Ripple blockchain technology to service the huge Indian customers by allowing them to execute transaction to India through Indus Ind Bank in a swift and cheap manner. With this, users of the bank would be handed a better experience.
The CEO of the bank, Vince Cook, said with the present state of the world, banks need to act fast and proffer improved ways of servicing clients so that the latter can have a better experience when settling transactions.
While addressing the benefit of leveraging blockchain technology for frictionless transactions, the CEO said digitisation is very important in ensuring change.
“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,” Cook said.
Ripple Says Stablecoins Can Be Built on XRP Ledger
Ripple has said it is possible to build Stablecoins on XRP Ledger. The evolving XRP Ledger is beginning to accommodate many ideas.
Recently, Ripple’s Xpring sponsored ETHDenver to create a link between Ethereum and XRP. The link will make way for introduction of DeFi into the XRP ecosystem.
Last month, a video featuring Ripple’s Chief Technology Officer (CTO) David Schwartz reflects that Ripple is working on including new features to XRP cryptocurrency ledger, this is coming after the recently pronounced “core consensus improvements.”
According to Ripple’s Schwartz, it is possible to include Stablecoins on the XRP ledger. These stablecoins, according to him, will be assets pegged to some external values.
“One of the features that I think is very exciting is a feature that would allow people to launch – well, stablecoins are the obvious use case, but it’s not just stablecoins — it’s essentially assets pegged to some external value.”