The National Bank of Ras Al-Khaimah, or RAKBANK, has announced that it has leveraged Ripple’s blockchain network ‘RippleNet’ for cross-border payments, WAM Emirates News Agency reported.

RAKBANK joined RippleNet last month. RAKBANK CEO Peter England said that joining the Ripple Network is in line with its blockchain strategy and will help the bank scale its business and provide first-class digital payments experience to its customers.

With this collaboration, RAKBANK was able to launch instant, frictionless, and secure money transfer services through its RAKMoneyTransfer (RMT) to Axis Bank account holders based in India.

Powered by blockchain technology, the live retail remittance payments reached Axis Bank account holders in seconds and with end-to-end visibility throughout the entire process.

"We at RAKBANK believe in leveraging new technologies that constantly enhance our customer experience, and by using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time,” England added.

"While there have been significant innovations in domestic payments, cross border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential of the technology to bring innovative services to the market and help us enhance value to our customers,” Himadri Chatterjee, President, Transaction Banking, Axis Bank, said.