Ripple officially adopted the Abu Dhabi Bank

 The National Bank of Abu Dhabi (NBAD) is pleased to be the first Middle  East bank to introduce real time cross border payments on Blockchain  technology. The new channel is intended to facilitate regional customers  with simple, real time and secure way to process their cross border  payments within NBAD network. 

 Ripple’s Distributed Financial Technology fits within NBAD’s existing  infrastructure and offers a secure end-to-end payment flow providing  transaction immutability and payment integrity. Integrated to the NBAD’s  innovative payments infrastructure, the Ripple solution offers  customers end-to-end visibility of transactions and allow for the  instant transfer of funds to a beneficiary in a cost-effective manner.
 

With Ripple connectivity, NBAD aims to significantly progress the way  cross border payments are made today by offering clear costs, improved  delivery time and visibility into the transaction process – ultimately  reducing the investment and resources required by our customers to send  payments.
 

Ramana Kumar, Managing Director & Head of GTB Business and Product  Management, added “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”.
 

Vineet Varma, Managing Director & Head of Global Transaction  Banking, NBAD said: “We’re always exploring new ways to enhance our  customers’ experience. With blockchain, we hope that we could address  the needs of our customers and drive forward more efficient and flexible  service. Embracing technologies like Blockchain is a step in right  direction for our customers” .
 

Brad Garlinghouse, CEO of Ripple, added, “Banks and their customers have  been hearing about the promise of blockchain technology to enable  real-time cross-border payments. Now, some of the most innovative and  successful banks like NBAD are making this a reality by offering  Ripple-enabled payments to their entire customer base, and in doing so,  paving the way to make 2017 the year we see broad commercialization of  blockchain take hold globally.”
 

NBAD is the first bank in the region to provide customers with Ripple’s  technology, joining a growing list of premium companies and institutions  around the world, including Santander, Standard Chartered, and  UniCredit.
 

According to the 2016 World Bank migration and remittances factbook, the  UAE is ranked as the fourth top remittance-sending country in the  world, accounting for more than $19 billion (Dh70 billion). 

 Official Website  https://www.nbad.com/en-ae/about-nbad/overview/newsroom/2017/01-02-2017.html