GETTY Cryptocurrency news: The National Bank of Abu Dhabi to introduce Ripple to carry out transactions

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The move, by the United Arab Emirates biggest lender, will further legitimise and prove Ripple’s business and its bid to make cross border transfers quicker and free. Ultimately Ripple (specifically RippleNet) could make antiquated bank transfers like the SWIFT system redundant – vastly improving customer experience. A Ripple statement said: “Today, we’re proud to announce that The National Bank of Abu Dhabi (NBAD) has become the first bank in the Middle East to use Ripple’s solution to provide real-time cross-border payments to its customers. “Through Ripple, NBAD customers have an efficient, secure and reliable channel to make immediate international remittances and payments between regional markets.”

As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs Ramana Kumar

Ripple CEO Brad Garlinghouse added: “Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments. “Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base, and in doing so, paving the way to make 2018 the year we see broad commercialisation of blockchain take hold globally.” And Managing Director and Head of Business and Product Management at GTB Business, Ramana Kumar added: “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 serve our customers, adding value through accessibility and transparency.

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip

“As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs.” Critics of Blockchain technologies often point to the lack of real-world applications but Ripple’s ‘payment solution’ is growing. The company has previously announced partnerships with Kringsri (Bank of Ayodhya PCL) – one of the largest banks in Thailand, Santander, MoneyGram and now the National Bank of Abu Dhabi.

GETTY Ripple will be introduced to make cross border transfers quicker and free

GETTY Ripple could vastly improve customer experience