National Bank of Abu Dhabi (NBAD) recently announced that it has successfully employed the Ripple blockchain for its cross-border payment systems. The bank’s integration of the Ripple Distributed Financial Technology is expected to provide its customers with immutable, secure, and cost-efficient fund transfers. With this move, NBAD has become the first bank in the Middle East to officially implement the Ripple technology.
NBAD’s GTB Business and Product Management head Ramana Kumar commented on the achievement, and emphasized those important customer benefits:
“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. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs.”
NBAD joins a growing list of financial institutions that have moved to adopt Ripple’s blockchain technology for cross-border payment transactions. In 2016, it was one of a group of banks to join the Ripple network in an effort to enhance cross-border payments. That list of Ripple partners includes notable institutions like Santander, ReiseBank, and UBS.