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Bank Dhofar Oman Joins The Ripple Network

2018-05-01 04:07 pm | Resource: News Section | No Views : 1094

Bank Dhofar Oman Joins The Ripple Network Bank Dhofar, a financial investment management firm based in Amman, announced on Monday that it has joined Ripple Net, a move the bank sees as a strong push towards making cross-border global payments using Ripple's blockchain technology.
As such, Bank Dhofar Oman has become the newest member to join Ripple. The Bank is among an early group of financial institutions that use the technology of the Blockchain Middle East, joining the Shinn Bankchain consortium, a consortium of more than 27 banks , Was launched in February last year to explore the solutions of the banking sector.
Dr. Tarek Taha, chief information officer at Bank Dhofar, said that after the move, the bank provided immediate and expedited cross-border remittance service within a few seconds, with a comprehensive view through the payment journey.
Bank Dhofar does not specifically mention any of the Ripple products that it seeks to use to take advantage of these benefits, nor is it open to the use of the XRP Ledger, the source of open source payment used by the Ripple.
However, the last member of the Ripple network is part of the Bank's extensive efforts to "Together 2020", which aims to position the bank in the forefront of the Gulf region.
The bank's statement said the initiative is part of the ongoing transformation plan for Bank Dhofar, which puts digital technology and innovation at the center of its strategy to improve its customer experience.

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