QNB showcases RippleNet product
Ripple Partner QNB Group unveiled new payment solutions as part of its payment ecosystem and its cross-border payments strategy with Ripple. QNB Group, the official banking sponsor of Smart City Expo Doha 2022, showcases the RippleNet product during the two-day event hosted by the Ministry of Communications and Information Technology (MCIT).
QNB boosts cross-border payments and expands its remittance service across various countries by being the first to market with RippleNet.
As previously reported by U.Today, QNB has successfully launched a corridor on Ripple’s global financial network technology, RippleNet, between QNB Qatar and QNB Finansbank (Turkey), expanding Ripple’s operations in the Middle East. The banks are also confirming their intention to expand into other key remittance corridors in other major countries in the near future.
The partnership with RippleNet aims to give QNB customers a unique experience by delivering near-real-time payments.
CBDCs: another focal point for central banks
According to a recent Ripple Insights report, 37% of senior executives at financial institutions worldwide view both “financial inclusion” and “better access to credit” as the most significant potential breakthroughs for central bank digital currencies. (CBDC), according to a recent survey. of 1,600 financial executives from 22 countries. Many governments and central banks that are actively studying CBDCs or have already launched pilot projects have indicated similar intentions.
Many governments throughout the world are working to improve what has traditionally been inefficient and costly cross-border payments. Ripple started its collaboration last year with Bhutan’s central bank, the Royal Monetary Authority (RMA), to pilot a central bank digital currency (CBDC) in phases using Ripple’s CBDC solution.
As stated in a statement, the decision was prompted by the country’s desire to improve digital and cross-border payments, increase financial inclusion efforts and strengthen its commitment to sustainability.
