UAE-based RAKBank expands remittance routes using Ripple’s blockchain technology.

The blockchain payment firm Ripple was selected to help the UAE’s 9th largest bank provide quick cross-border payments in a new Bangladeshi corridor. Bangladesh-based Bank Asia and RAKBank announced a partnership on Sunday, revealing that they will allow users to transfer money between accounts at the two institutions within 24 hours, RAKBank said. RippleNet’s blockchain technology has been integrated with the bank’s own RAKMoney Transfer service for this initiative. RippleNet is a global payments network that has over 300 members. It seeks to tap into payments markets by acting as a bridge between separate institutions and currencies. 

 

Users can send money without any fees till June 30. 

The announcement by the UAE bank did not specify whether the service utilizes the XRP token that is closely associated with Ripple and is an option for RippleNet users. This new instant remittance solution to Bangladesh will be free during the ongoing pandemic, and customers can send money to their families back home quickly,” the bank said in a statement. The remittance service for this corridor is free for users until June 30. 

The CEO of RAKBank Peter England said that the offering is aimed to bring “peace of mind” to the Bangladeshi expatriate community amid the challenges posed by the ongoing pandemic, by providing them with a “comprehensive remittance solution.”

 

Ripple partnered with Finastra last year. 

In October last year, Ripple announced collaborations with fintech firm Finastra. Using Ripple’s blockchain-based platform, Finastra users can now connect with over 300 partners on RippleNet, a global payments network utilizing the XRP cryptocurrency. RippleNet users also have access to Finastra’s banking partnerships, which settle millions in transactions per year, according to the company. Ripple has collaborated with several fintech companies and banks to help make global payments transfer efficient and quick using its blockchain technology. Controversies have also surrounded Ripple for a long time. The blockchain payment platform is facing a class-action lawsuit over its native token XRP.