Ripple and important new partnerships are an important and characteristic moment for the company. Ripple regularly makes significant partnerships with various financial institutions. Ripple partners and banks worldwide. So, now National Bank of Egypt and Bank Asia Limited are cooperating with Ripple.
Ripple and Important New Partnerships: National Bank of Egypt
Ripple began to cooperate with the Egyptian bank National Bank of Egypt. Now National Bank of Egypt has joined, joined RippleNet and will use Ripple technology for money transfers. After signing the partnership agreement, National Bank of Egypt chairman Hisham Okasha said that the implementation of this agreement will add a new and important influx for receiving money transfers from correspondents from RippleNet, which is the first of its kind among Egyptian banks, and this is part of the role of the National Bank of Egypt, supporting the development of the money transfer business from around the world, especially in the Gulf region.
National Bank of Egypt Deputy Chairman Dahlia El-Baz also added that the RippleNet network includes more than 300 banks and financial institutions located all over the world, and it is expected that the number of subscribers to this network will grow exponentially. In addition to the mechanisms provided by the service, which facilitate liquidity management and also increase the foreign exchange earnings of National Bank of Egypt. She pointed out that the new channel will allow more time to collaborate with new correspondents in response to the needs of existing customers and attract new customers by providing better and faster services. She also emphasized that the channels for receiving external transfers received by the bank fully comply with international insurance standards and determinants such as PCI, as well as the requirements of all regulatory bodies that provide the highest levels of operational safety.
Gada al-Bili, executive director of the National Bank of Egypt, also indicated that the agreement with Ripple will improve the liquidity management mechanisms of both correspondents and the bank, as it is possible to find out instantly the real balance of operations, emphasizing that this system actually applies to many of the current Bank correspondents, in addition to future plans for its implementation with many others. It also provides an opportunity to establish contact with a number of correspondents in other countries, such as the United Kingdom, the United States of America and Canada, in order to provide effective and efficient services.
Regarding the coordination between the National Bank of Egypt and Ripple regarding the agreement, the head of the National Bank of Egypt international relations department, Hisham Al-Safti, said that all security checks had been carried out prior to signing the agreement in coordination with the bank’s information security departments to ensure that the system is not one that could interfere with its implementation at any of its stages. Thus, the National Bank of Egypt is pleased with the signing of cooperation with Ripple, as evidenced by the statements of its representatives at the signing ceremony of the agreement.
Bank asia limited
Bank Asia Limited, located in Bangladesh, has become a member of RippleNet. It is known that Bank Asia Limited uses Ripple xCurrent technology, the integration of which has been carried out since March 2018. For some time it was not known how the integration process ended. However, official confirmation recently appeared that Bank Asia Limited is a partner of Ripple. It is worth noting that Bank Asia Limited became Ripple’s second partner in Bangladesh, after bKash.