QNB and Ripple’s latest partnership means international transactions will be completed within seconds.
QNB has announced the launch of a remittance service developed in partnership with Ripple, a well-known blockchain-based financial technology company that helps financial institutions improve their liquidity.
By enabling near-real-time payments, the cooperation with RippleNet seeks to provide QNB consumers with a unique and convenient experience.
Ripple will now operate as an Application Programming Interface (API) connection to help speed up international money transfer services under the new arrangement.
Transactions will be completed almost instantly under this setup.
Adel Al Malki, General Manager of the QNB Group’s Retail Banking Division, described the technologies offered by Ripple as “advanced”.
“We are extremely delighted to announce and introduce our innovative payment capabilities in a growing digital market with increasing adoption of advanced payment technologies such as Ripple’s cross border funds transfer technology, and QR Pay,” said Al Malki.
The Gulf state’s goal to improve digital and cross-border payments, expand financial inclusion efforts, and deepen its commitment to sustainability drove QNB’s latest decision, which comes as various countries around the world attempt to improve cross-border payments – historically an inefficient and costly process.
QNB is the first to market with RippleNet, enhancing cross-border payments and rapidly expanding its remittance business across various nations. This relationship enables QNB’s clients to receive near-real-time payments, resulting in a unique and differentiated experience.
QNB Finansbank was the first to use Ripple’s global financial network technology, RippleNet, as part of a group rollout in Turkey, with ambitions to expand to other major remittance corridors in the near future.
The announcement comes shortly after QNB announced it had launched WeChat Pay, a prominent player in the Chinese banking sector, to the Qatari market, and will be the first to introduce the service to the country.
This business decision acts as a reinforcement of the banking giant’s commitment to supporting retail sector clients who will attract Chinese customers during the upcoming World Cup 2022 FIFA tournament.
WeChat Pay is used by more than 1.2 billion people monthly worldwide.
QNB is pursuing its mission of supporting novel payment acceptance choices within its broad merchant network in the market. This supports safe trade and secure payment options while creating a cashless echo system.