Muscat: BankDhofar has announced that it is to join Ripple’s global enterprise blockchain network, RippleNet, the first bank in Oman to do so.
Ripple’s blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, will help BankDhofar save customers both time and money when sending payments overseas. BankDhofar joins more than 100 banks and payments providers in using Ripple’s Blockchain technology to provide a global payments experience that delivers instant, certain, low-cost cross-border payments to customers.
“We are delighted to be the first bank in Oman to join RippleNet and access more than 100 of its member banks and other financial institutions utilising blockchain for instant payments. With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment,” said Dr Tariq Taha, Chief Information Officer at BankDhofar.
This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology at the core of its strategy to improve the experience of its customers. BankDhofar earlier this year joined the leading blockchain consortium, BankChain. Being the first bank in Oman to join BankChain, BankDhofar will be able to improve customer satisfaction by maximising operations efficiency, security and transparency.
As part of its “Together 2020” journey, BankDhofar continues to provide the best customer experience, innovative products and creative services, custom-made to meet the needs of customers, the bank said. The combination of the vision of the bank’s executive management, the operational strategy that revolves around following the best international banking practices and providing the best customer experience, as well as its commitment to community development and contribution to the growth of the national economy placed BankDhofar on top of the list of the best banks in the region.