BankDhofar has announced that it will use Ripple’s unique tool for cross-border payment, making it the first bank in Oman to use RippleNet, a global corporate Blockchain network suitable for remittance services.
The Chief Information Officer of BankDhofar, Dr. Tariq Taha stated “We are delighted to be the first bank in Oman to join RippleNet and access more than 100 of its member banks and other financial institutions utilizing blockchain for instant payments. With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
This initiative is part of the ongoing transformation plan of BankDhofar, which is putting digital technology and innovation at the center of its strategy to improve the experience of its customers. BankDhofar joined the main Blockchain BankChain consortium earlier this year. Being the first bank in Oman to join BankChain, BankDhofar will be able to improve customer satisfaction by maximizing operational efficiency, security and transparency.
Bank Dhofar deals with corporate, retail and investment banking activities in Oman. It operates through three segments: Retail Banking, Corporate Banking, Treasury and Investments. The company offers savings and current accounts; call deposits, fixed and flexible; loans for housing, cars, personnel and education; debit and credit cards; financing for projects / contracts, term loans. It also provides family, car insurance and domestic assistance, as well as online corporate banking services, commercial services, corporate collections and remote checkout and acquisition services.