In the statement submitted by the Ripple team, describes the new advances in the field of global banks. In particular, it was noted that three major banks have joined the network RippleNet for sending quick and safe cross-border payments. They include Indian Bank, Axis Bank, Standard Chartered and Singapore RAKBANK in the United Arab Emirates.
According to the post team Ripple, RAKBANK’s decision to use the network RippleNet stems from the growing demand for services: cross-border payments. The same applies to India. Both countries are gaining traction in cross-border money transfers.
In particular, the fact is that in the UAE a large part of the labour force are Indian workers and therefore these workers need a system that enables instant money transfers when it comes to sending money back to India. It is also interesting that these translations back to India is in the billions per year that is of interest to RAKBANK.
Team Ripple finds that the individual cross-border payments have a lower cost, but the amount of them much more, therefore, the use of RippleNet presumably will allow users RAKBANK instantly make transfers without the high costs associated with them.
According to the CEO of RAKBANK, they will continue to provide partnerships that will increase their remittances on a global scale, adding that their recent partnership with the Bank Cargills in Sri Lanka will allow workers from Sri Lanka in the UAE to make safe and quick money transfers back home.
From this it follows that the fourth Bank, which will use RippleNet is Cargills Bank. According to General Director Bank of Sri Lanka, a partnership with Ripple and with RAKBANK will help to strengthen the banking system for money transfers, adding that the Bank team is confident that it can help all Sri Lankans around the world.
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