The age of blockchain-powered, instant, low-cost bank remittances is slowly taking shape. RAK Bank, also known as the National Bank of Ras Al-Khaimah, an emirate in the UAE, is plugging into Ripple’s global bank-centric blockchain network RippleNet to enable live retail remittance payments to customers in Axis Bank in India. The private lender is India’s third-largest private bank and joined Ripple’s bank clientele earlier this year.
In a statement, RAK Bank chief executive Peter England said:
[B]y using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint.
According to a report by the Emirates News Agency, the UAE-based bank will launch ‘instant, frictionless and secure money transfer services’ through its RAKMOneyTransfer (RMT) to Axis bank customers based in India within ‘seconds and with end-to-end visibility’ of the entire process of the payment…