UAE Exchange has joined RippleNet, Ripple’s enterprise blockchain network with more than 100-member banks and financial institutions, to enable instant, seamless and real-time cross-border payments.
As part of the partnership, UAE Exchange will now offer enhanced payments experience for customers using Ripple’s enterprise blockchain solution for payments.
The enterprise blockchain solution provides real-time messaging, clearing and settlement of financial transactions for global banking and payment partners.
UAE Exchange said that the latest move makes it the largest payment solutions provider in the Middle East to use Ripple’s blockchain technology to process payments across the world in real time.
UAE Exchange CEO Promoth Manghat said: “Our growth strategy has always been, and continues to be, driven by our customer-centric approach. Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience.”
“The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”
Ripple global head for infrastructure innovation Dilip Rao said: “We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”