Abu Dhabi bank to introduce real time cross-border payments on blockchain technology
The National Bank of Abu Dhabi (NBAD) has become the first Middle East bank to introduce real-time cross-border payments based on blockchain technology, it has been announced.
By using this new platform, regional customers will be able to securely process their cross-border payments within NBAD network in real time. The platform combines blockchain company Ripple’s Distributed Financial Technology with NBAD’s existing payments infrastructure to offer a secure end-to-end payment flow providing transaction immutability and payment integrity. It offers customers end-to-end visibility of transactions and allows them to instantly transfer funds to a beneficiary in a cost-effective manner.
With Ripple connectivity, NBAD aims to offer clear costs, improved delivery time and visibility into the transaction process, ultimately reducing the investment and resources required by customers to send payments.
“We are always exploring new ways to enhance our customers’ experience,” said Vineet Varma, NBAD managing director and head of global transaction banking. “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.”
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.