GulfBase Live Support
23/11/2017 07:23 AST
RAKBank has partnered with Ripple to leverage on its global blockchain network (RippleNet) to offer instant and secure money transfer services to Axis Bank account holders based in India.
These live retail remittance payments from RAKBank to Axis Bank reach their destination account in seconds and with end-to-end visibility over the journey of the payment.
Joining RippleNet forms a part of RAKBank’s commitment to support the growing remittance flows from the UAE to India, as well as other major remittance corridors in the region.
“The bank‘s strategic partnership with RippleNet is beneficial to the customer as it is both time and cost effective. By using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint. This will help us scale our business and provide our customers with a first-class digital payments experience,” said Peter England, RAKBank CEO.
With the potential to connect to RippleNet’s more than 100 members, the bank plans to roll out its Ripple-powered RAKMoneyTransfer remittance service to other markets.
“While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs [application programme interface] and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential of the technology to bring innovative services to the market and help us enhance value to our customers,” said Himadri Chatterjee, president of Transaction Banking at Axis Bank.
Gulfnews
06/03/2018
Similarly, last year the Bank signed an agreement with Sharjah Electricity & Water Authority (SEWA) to facilitate the bill payment via its Digital Banking Platform for customers in Sharjah. The SEWA
CPI Financial
27/11/2017
RAKBank has announced the launch of its new savings deposit account called ‘Recurring Deposits’, that offers easy access to customers’ funds, guaranteed principal, and the ability to earn up to 2.5 p
WAM
23/10/2017
The National Bank of Ras Al Khaimah (RAKBANK) Group achieved a 9.4% growth in the consolidated net profit of AED 606.3 million for the nine months ended 30 September 2017. The third quarter of 2017 g
Press Release
Ticker | Price | Change |
---|---|---|
FAB | 11.95 | 0.20 (1.70 |
NCB | 64.98 | 0.35 (0.54 |
RJHI | 76.03 | 0.78 (1.03 |
EMIRATESNBD | 10.65 | 0.05 (0.47 |
SAMBA | 26.98 | 0.59 (2.23 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News