QNB Group, a Ripple partner, has introduced new payment solutions as part of its payments ecosystem and cross-border payment strategy with Ripple. The RippleNet product is being showcased by QNB Group, the official bank sponsor of Smart City Expo Doha 2022, at the two-day event coordinated by the Ministry of Communications and Information Technology (MCIT).
QNB increases cross-border payments and expands its remittance business across many nations.
As previously reported by U.Today, QNB successfully launched a corridor between QNB Qatar and QNB Finansbank (Turkey) using Ripple’s global financial network technology, RippleNet, therefore increasing Ripple’s activities in the Middle East. The banks also affirm that they intend to extend to other significant remittance corridors in other large nations in the near future.
The collaboration with RippleNet seeks to provide QNB clients with a one-of-a-kind experience by offering near-real-time payments.
Many countries around the world are attempting to improve cross-border payments, which have traditionally been inefficient and costly. Ripple began working with Bhutan’s central bank, the Royal Monetary Authority (RMA), last year to prototype a central bank digital currency (CBDC) in stages utilising Ripple’s CBDC technology.
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