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Thursday, May 13, 2021
Home News The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments

The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments

The National Bank of Abu Dhabi (NBAD) is pleased to be the first Middle East bank to introduce real-time cross-border payments on Blockchain technology. The new channel is intended to facilitate regional customers with simple, real-time and secure way to process their cross-border payments within NBAD network.

Ripple’s Distributed Financial Technology fits within NBAD’s existing infrastructure and offers a secure end-to-end payment flow providing transaction immutability and payment integrity. Integrated to the NBAD’s innovative payments 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.

With Ripple connectivity, NBAD aims to significantly progress the way cross-border payments are made today by offering clear costs, improved delivery time and visibility into the transaction process – ultimately reducing the investment and resources required by our customers to send payments.

Ramana Kumar, Managing Director & Head of GTB Business and Product Management, added

“At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our client’s payments needs”.

Vineet Varma, Managing Director & Head of Global Transaction Banking, NBAD said:

“We’re always exploring new ways to enhance our customers’ experience. With blockchain, we hope that we could address the needs of our customers and drive forward more efficient and flexible service. Embracing technologies like Blockchain is a step in right direction for our customers”.

Brad Garlinghouse, CEO of Ripple, added:

“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base, and in doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”

NBAD is the first bank in the region to provide customers with Ripple’s technology, joining a growing list of premium companies and institutions around the world, including Santander, Standard Chartered, and UniCredit.

According to the 2016 World Bank migration and remittances factbook, the UAE is ranked as the fourth top remittance-sending country in the world, accounting for more than $19 billion (Dh70 billion).

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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