RippleNet Partners with the National Bank of Qatar to Enhance Cross-border Payments to Turkey

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RippleNet Partners with the National Bank of Qatar to Enhance Cross-border Payments to Turkey
RippleNet Partners with the National Bank of Qatar to Enhance Cross-border Payments to Turkey

Ripple has made great strides in expanding its list of global banking partners. The blockchain solutions company has now announced a partnership with Qatar National Bank (QNB). This partnership will facilitate cross-border payments through their on-demand liquidity corridor (ODL).

Ripple Signs an Agreement With Turkish QNB Finansbank

According to an announcement from the bank today, the agreement signed by both parties, QNB will initially pilot the global financial network technology RippleNet together with the Turkish QNB Finansbank as part of the group’s launch and plans to expand it to other important remittance channels in the future.

Sending funds to Turkey has been high for many years. In 2020 alone, it received nearly $1 billion in remittances worldwide. This prompted Qatar to initiate this partnership to solve the problem of the high cost of sending funds to Turkey before moving to other countries belonging to RippleNet.

According to Heba Al Tamim, general manager of QNB Group’s retail business, it is a fintech program that aims to improve the product offered to customs mainly because the global demand for cryptocurrencies has increased recently.

Turkey, in particular, is a good example. The country has always been a global leader in digital payments with a young, tech-savvy population, a good market for remittance providers. Another online money transfer service, Azimo, also recently opened a Turkish money transfer channel.

At the time, Chief Operating Officer Dora Ziambra pointed out the importance of Turkey and said with nearly 7 million diasporas, Turkey is an excellent market for wire transfer providers. So it’s shocking that wire transfers have long been slow and expensive in Turkey. Azimo is making instant transfers the standard in the cross-border payments industry. This service is the latest step up this way. 

Rippe vs SEC Lawsuit Has No Effect Abroad 

As the National Bank of Qatar expands its remittance services to other countries, the adoption rate of Ripple’s services has increased. Although there is a lawsuit in the United States, which made the status of XRP in the US unclear, it has continued to receive welcome in other countries.

On the contrary, the rest of the world is more open to using Ripple’s technology and XRP. Especially when solving real-time problems like cross-border payments, XRP is very effective.