National Bank of Fujairah partners with Ripple for cross-border money transfers
The partnership is part of a wider initiative to apply latest technologies to the bank’s operations
National Bank of Fujairah PJSC (NBF) announced its partnership with Ripple, a leading enterprise blockchain company,to enact easy and seamless cross-border payments through the RippleNet platform. Through this blockchain solution, the bank’s customers will now be able to conduct secure and real-time payments with clear end-to-end tracking of transactions.
Commenting on this development, Vince Cook, NBF’s CEO, said: “In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients. Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients. RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way. We will always look for the next best thing for our customers as part of our commitment of being the best financial partner for their business and personal needs.”
The bank will be capitalising on the benefits of RippleNet to service its large Indian customer base by conducting remittances to India through Indus Ind Bank. RippleNet enables the bank to actively leverage the Ripple cross border network and significantly enhance the user experience in the fund transfer. The traceability and the speed of the execution of the transfers allow the customers to achieve substantial improvement in the transparency and effectiveness of the payments.
NBF holds an active record in tackling challenges of cross-border payments, as it recently marked its presence at the GTR MENA event 2020, where it joined forces with the region’s primary trading bodies to address key issues in the trading industry.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+ / A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 (of which 1 is an electronic banking service unit) across the UAE.