As part of a broader effort to bring the newest innovations to its operations, the National Bank of Fujairah PJSC (NBF) has teamed with blockchain firm Ripple to enable cross-border payments via the RippleNet platform. Clients of the bank will now have the ability to make secure, real-time payments with clear tracking of transactions from beginning to end, according to an announcement.
The technology allows the bank to tap into Ripple’s cross-border network and improve its user experience. According to the announcement, “The traceability and speed of the execution of the transfers allows the customers to achieve substantial improvement in the transparency and effectiveness of the payments.”
NBF CEO Vince Cook said in the announcement, “In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. Digitization 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."
Cook continued, “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 2019, news surfaced that PNC Bank had started to utilize RippleNet to facilitate cross-border transactions. PNC was reportedly the first U.S. bank to use RippleNet’s blockchain network to move money across borders. The solution was available to corporate clients of the PNC Treasury Management unit, which enables business clients to receive payments on their outstanding invoices in real time from international corporate buyers using RippleNet.