Which Middle East bank was first to use Ripple for cross-border payments?
Company-reported Published 1 min read
Short answer
Ripple announced that the National Bank of Abu Dhabi became the first bank in the Middle East to use Ripple’s solution for real-time cross-border payments, offering customers instant, cost-effective international transfers with end-to-end transaction visibility.
The full answer
What did Ripple state?
On February 2, 2017, Ripple stated the following. Ripple announced that the National Bank of Abu Dhabi became the first bank in the Middle East to use Ripple’s solution for real-time cross-border payments, offering customers instant, cost-effective international transfers with end-to-end transaction visibility. [1]
The source’s own words: “The National Bank of Abu Dhabi (NBAD) has become the first bank in the Middle East to use Ripple’s solution to provide real-time cross-border payments to its customers.” [1]
Where does this fit on the site?
For the wider picture, see How is Ripple’s partnership with Jeonbuk Bank changing cross-border payments in Korea? and Is using XRP for cross-border payments actually cheaper?. Two related questions are How big is the cross-border payments market XRP competes for? and Who does XRP actually compete with in cross-border payments?
What we know
- Ripple announced that the National Bank of Abu Dhabi became the first bank in the Middle East to use Ripple’s solution for real-time cross-border payments, offering customers instant, cost-effective international transfers with end-to-end transaction visibility (Ripple, February 2, 2017).
In plain English
Ripple announced that the National Bank of Abu Dhabi became the first bank in the Middle East to use Ripple’s solution for real-time cross-border payments, offering customers instant, cost-effective international transfers with end-to-end transaction visibility.
Sources
- Ripple Insights (ripple.com) — Ripple, 2017-02-02 Primary
Update log
- — Published.
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