On Tuesday, Oman bank BankDhofar announced it is the first bank in Oman to join Ripple’s global enterprise blockchain network, RippleNet. According to BankDhofar, the blockchain network will help its customers save both time and money when sending payments overseas. The bank joins more than 100 financial institutions that are using the blockchain technology. Dr. Tariq Taha, Chief Information Officer at BankDhofar, stated:
“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 utilizing 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.”
BankDhofar also reported its move to join RippleNet is part of its continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers. BankDhofar added that earlier this year joined the leading blockchain consortium, BankChain. It was also considered the first bank in Oman to join BankChain and BankDhofar will be able to improve its customers’ satisfaction through maximizing operations efficiency, security, and transparency.
The news that BankDhofar joining RippleNet comes just a few days after Ripple announced it added five new xVia customers, FairFX (UK), RationalFX (UK), Exchange 4Free (UK), UniPay (Georgia), and MoneyMatch (Malaysia), to its the payments network.