RAKBank launches blockchain-based remittance to India

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