Egypt’s Largest Bank Taps RippleNet For Instant International Remittances

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Egypt’s Largest Bank Taps RippleNet For Instant International Remittances
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The largest bank in Egypt, the National Bank of Egypt (NBE), is the latest financial institution to join RippleNet — Ripple’s blockchain payment platform — to enable cross-border payments.

NBE Is Now A Ripple Customer

In an announcement on Tuesday, Ripple revealed that NBE will use the San Francisco-based firm’s blockchain technology to power a remittance corridor with the United Arab Emirates (UAE). Specifically, NBE will leverage Ripple’s enterprise blockchain software, RippleNet, to connect with UAE-based global financial services enterprise LuLu International Exchange so as to process the payments of the huge number of Egyptians working overseas. 

According to Ripple, Egypt is ranked as the fifth-biggest remittances recipient globally with the country’s overseas expatriate communities sending home over $24 billion last year alone.

The announcement does not clarify whether the firms will use Ripple’s cryptocurrency XRP, which powers a different product — the On Demand Liquidity (ODL) solution. Nonetheless, RippleNet customers have the option of using XRP. 

Ripple’s Managing Director of MENA and South Asia, Navin Gupta, stressed the significance of reduced transaction costs and time in international money transfers:

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“The ability to send and receive money quickly, reliably and inexpensively today plays a larger role than ever before. Ripple is proud to partner with NBE and LuLu Exchange to bolster the MENA region’s financial infrastructure and provide a frictionless cross-border payment experience for the Egyptian community.”

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