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RAKBANK announced the expansion of RAKMoney Transfer (RMT) services using Ripple blockchain technology RippleNet. The new service will be used along the Bangladeshi corridor by partnering with Bank of Asia.
Ripple Labs is living up to its promise of reducing the sale of XRP to focus on utility and its product-market expansion in 2020 and beyond. It was confirmed after RAKBANK announced that it will be leveraging RippleNet blockchain technology in an instant remittance solution to Bangladesh for free to all customers until June 30th.
Ripple has been at the forefront to oversee the world move towards instant cross border payments, with reduced friction. Recently, it was named the only blockchain company in the ISO 20022 standard body, and also the first member focused on Distributed Ledger Technology (DLT).
RippleNet promises its users to ensure access to new markets and the ability to deliver the best customer experience in global payments. It is reported that the network has over 300 financial institutions worldwide, with MoneyGram, Santander, TransferGo and RAKBANK just but a few.
The company is competing to take a significant portion of the trillion-dollar market from SWIFT, which is lagging in the latest technology, whereby it even delayed its ISO 20022 compliance in the next two years.
Details of Ripple and RAKBANK Partnership
According to a post on the RAKBANK official webpage, the bank’s RMT service facilitates transfer to Bank Asia accounts within minutes and any other bank account in Bangladesh within 24 hours.
The announcement of the partnership comes at a time when the world is seeking for cheaper and faster means to transact, due to the infectious rate of coronavirus. RAKBANK users can now tap into the latest technology provided by Ripple labs, and with time, XRP usage might slip in the deal.
“In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates,” said RAKBANK’s CEO Peter England.
On the other hand, Bank Asia’s President and Managing Director Arfan Ali said:
“We are happy to partner with RAKBANK to offer this new instant remittance solution to our expats. This solution is going to mark a new chapter in the history of remittance in our country. Considering the current Covid-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”
However, the new partnership does not specify whether the bank will be taking advantage of the ODL services.