FAB introduced cross border payements using Ripple
The National Bank of Abu Dhabi now fully merged with First Gulf Bank, creating the new entity FAB ( First Abu Dhabi Bank was the first Middle East Bank to introduce real-time cross border payments using Blockchain technology. The new service will facilitate regional customers with simple real-time secure cross-border payments. NBAD chose Ripple solution offering customers end to end visibility of transactions in real-time.
Ramana Kumar, Ramana Kumar, Managing Director & Head of GTB Business and Product Management stated, “ 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 serves 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”.
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).