BankDhofar has teamed up with Ripple to drive real-time payments to India, being one of the first banks in the Oman Sultanate to join Ripple global payments network.
Specifically, BankDhofar will connect with IndusInd Bank on RippleNet, meaning that customers can transfer up to USD 2,608 to deposit accounts in India through BankDhofar’s mobile banking app.
BankDhofar is also one of the first local banks to join BankChain.
BankDhofar’s mobile banking app offers a range of services, including instant transfer to any bank in the Sultanate, cardless cash, and mobile top-up for telecom providers.
BankDhofar will connect with IndusInd Bank on RippleNet, which lead us to look into IndusInd Bank. IndusInd bank has 1320 branches, and 2162 ATMs spread across 702 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi.
Mr. Ramesh Ganesan, Senior Executive Vice President at IndusInd Bank said:
“We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements and atomic confirmations on the back of a highly secure infrastructure. Building a Digital platform that enhances client experience is a core part of our strategy and we are confident that our partnership with Ripple is another step in that direction. This will deliver more value to remitters, recipients & our Institutional partners across the world.”
IndusInd bank stated in a press release that since joining RippleNet, they can now provide instant access in emerging markets such as India, Brazil and China.