The National Bank of Fujairah (NBF) is a full-service corporate bank that offers corporate and commercial banking, treasury and trade finance services as well as personal banking options and Shari’a compliant services. It has branches across the UAE, with head offices in Dubai and Fujairah.
Today, on March 2nd, NBF issued a press release announcing its partnership with Ripple. NBF will enact easy and seamless cross-border payments through the RippleNet platform. Through this blockchain solution, the bank’s customers will now be able to conduct secure and real-time payments with clear end-to-end tracking of transactions.
“In a fast-moving environment, banks have to act with agility and constantly look for new and improved ways to service their clients“, said Vince Cook, NBF’s CEO. “Digitisation remains a key catalyst for change and as a customer-first bank, we understand the importance of leveraging blockchain technology to deliver seamless and frictionless experiences to our clients. RippleNet will enable us to stimulate an enhanced payment experience that will allow our corporate clients to manage their finances in a more efficient way. We will always look for the next best thing for our customers as part of our commitment to being the best financial partner for their business and personal needs.”
The bank will be capitalizing on the benefits of RippleNet to service its large Indian customer base by conducting remittances to India through Indus Ind Bank. RippleNet enables the bank to actively leverage the Ripple cross border network and significantly enhance the user experience in the fund transfer. The traceability and the speed of the execution of the transfers allow the customers to achieve substantial improvement in the transparency and effectiveness of the payments.
Are you feeling like you’ve heard this news before? It was in September 2019 that we wrote an article that NBF had joined RippleNet. Back then, it was the September issue of the magazine “Entrepreneur Middle East” that revealed the partnership:
“With the mass spreading of Blockchain technology, NBF is utilising the benefits of Ripple-Net to provide frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019.“
It seems NBF is ready to capitalize on its partnership with Ripple to improve its remittance services, starting from India.