National Bank of Abu Dhabi partners Ripple for cross-border payments

By using blockchain, the bank’s customers have an efficient, secure and reliable channel to make immediate international remittances and payments between regional markets. Applied to NBAD’s remittance infrastructure, the Ripple solution offers customers end-to-end visibility of transactions and allow for the instant transfer of funds to a beneficiary in a cost-effective manner.

The UAE is ranked as the fourth top remittance-sending country in the world, accounting for more than USD 19 billion, according to the 2016 World Bank Migration and Remittances Factbook. NBAD and other banks in popular remittance corridors that collaborate with Ripple can offer their customers cost-effective cross-border payments services, while saving on operational costs at the same time.

Regarding concerns around protecting transactions and sensitive customer data, Ripple operates in parallel to the SWIFT system.