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Oman's Bank Dhofar Joins RippleNet For Cross-border Transactions

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Oman's Bank Dhofar is now among the first few financial institution from the Middle East to join Ripple's enterprise blockchain network RippleNet to enable faster and secure real-time cross-border transactions for its clients.

With this move, Bank Dhofar aims to help non-resident Indian's (NRI's) living and working in the Sultanate of Oman to easily, cheaply and instantly send money back home to their families. The bank has already successfully performed an international transaction to India in less than two minutes.

Bank Dhofar customers will be able to transfer money abroad instantly using the BankDhofar mobile banking app. The bi-directional messaging and instant settlement features of RippleNet enables the bank's customers to save time when sending payments overseas using the app.

Bank Dhofar has become the first financial institution in the Sultanate to launch the blockchain-powered cross-border live payments solution that provides its customers with a frictionless remittance experience and fast cross-border money transfer solutions.

It enables customers to make money transfers within seconds or minutes instead of waiting two to three days and at their convenience anytime of the day.

Bank Dhofar joins some of the world's leading banks on the Ripple network including Bank of America, American Express, Credit Agricole, Mizuho Financial Group, UBS, RBC, UniCredit S.p.A., Standard Chartered, Westpac, BMO, Santander and SBI-led Japan bank consortium.

Japan's MUFG Bank was one of the first customers to join RippleNet. The most recent joining are Malaysian bank CIMB, U.S.-based PNC Bank, UAE Exchange, National Bank of Kuwait (NBK) and Indian private sector lender Kotak Mahindra Bank.

In early January, RippleNet surpassed the 200 customers mark globally after 13 new financial institutions signed up for the payments network. The new additions were Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Co., Pontual/USEND and Rendimento.

RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple's distributed blockchain technology. It has recently expanded its reach to over 40 countries and 6 continents. It provides end-to-end tracking of the entire cross-border payments transaction between RippleNet members on blockchain.

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