RAKBank Joins RippleNet Payment Network

Retail bank RAKBank, based in the United Arab Emirates, adds a new cash linetranslations based on Ripple technology.

The ninth largest bank in the UAE, RAKBank has chosenRipple, which provides distributed ledger payment products for financial institutions to enable fast cross-border transfers in the new ipple payment corridor for Bangladesh.

Bangladesh Bank Asia and RAKBank announceda partnership in which bank customers will be able to transfer money between accounts at two institutions in less than 24 hours. In accordance with the initiative, RippleNet technology was integrated with the bank's own RAKMoneyTransfer service. The statement did not disclose whether the service uses the XRP cryptocurrency, which is available to RippleNet users.

“The new instant money transfer solution in Bangladesh will be free during these difficult times and customers will be able to quickly send funds to their families back home,” — declares the bank.

The service will be free for users under 30июня. Генеральный директор RAKBank Питер Инглэнд (Peter England) заявил, что цель инициативы — обеспечить «душевное спокойствие» бангладешской диаспоре в условиях проблем, вызванных пандемией коронавируса, и предоставить им «комплексное решение для денежных переводов».

"This solution allows Bangladeshi expatriates to send money home to Bangladesh instantly and securely in a few clicks," England said.

Многие компании и финансовые учреждения use the Ripple solution for money transfers. Recently, Thai company Azimo entered a partnership with Thailand's oldest bank, Siam Commercial Bank (SCB), to enable instant payments from Europe to Thailand using the RippleNet network. Earlier, the Thai company DeeMoney also joined the RippleNet payment network.

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