BankDhofar connects to IndusInd via RippleNet

by | Apr 26, 2021

BankDhofar will connect with IndusInd Bank via RippleNet, to enable customers to transfer up to OMR 1,000 to deposit accounts in India instantly through BankDhofar’s Mobile Banking App.

According to a press release issued by BankDhofar, the bank will connect with leading Indian private sector bank, IndusInd Bank, on Ripple’s global payments network, RippleNet. This partnership will enable cross-border transactions made via the BankDhofar Mobile banking App to be processed instantly, reliably, cost-effectively, and with end-to-end visibility anywhere in the world.

A long-standing partnership

Bank Dhofar first joined RippleNet in May 2018 and extended its use to its Mobile App a few months later, in February 2019.

This first-of-its-kind service in the Sultanate will enable BankDhofar customers to transfer up to OMR 1,000 (2600 USD) to deposit accounts in India instantly through BankDhofar’s Mobile Banking App.

Commenting on this step Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar noted: “At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers. This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. Our customers will be able to transfer and deposit money to bank accounts in India instantly. We look forward to activating the service to other countries across the world.”

Navin Gupta, Managing Director of South Asia and MENA at Ripple added: “More than ever, people need to send money to loved ones abroad. We are excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper, and more reliable with blockchain technology.

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