UAE Exchange, one of the largest payment solutions providers in the Middle East, is adopting Ripple for its cross-border payments. The Abu Dhabi-based firm signed a deal with San Francisco-based Ripple to join its enterprise blockchain called RippleNet.
RippleNet is a decentralized global network of banks and payment providers using Ripple’s distributed financial technology providing real-time messaging, clearing and settlement of financial transactions. The enterprise blockchain network has over 100-member banks and financial institutions, including Santander, UBS, BBVA, Standard Chartered, and the Royal Bank of Canada (RBC).
“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience,” said Promoth Manghat, Chief Executive Officer of UAE Exchange Group.
He added, “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.”
Manghat said in an interview with Arabian Business last October that he is “a big champion of Blockchain.” “The average consumer may never know about blockchain, but indirectly he will reap the benefits of the efficiencies it brings forth across industries in his everyday life,” he said.
Dilip Rao, Global Head, Infrastructure Innovation, Ripple, commented on the partnership: “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.”
A blockchain is a list of records or blocks. The chain is forever expanding. The blocks are linked in chronological order. It is an ultra-secure and efficient system.