RippleNet Network, a leading blockchain firm behind Crypto assets and border-less financial services worldwide, has recently entered into an agreement with the National Bank Of Egypt (NBE). The National Bank of Egypt, which is the oldest and largest financial institution in the North African country has now become the first bank in the country to tap into the opportunities that blockchain technology and RippleNet have to offer its customers.
Members of the RippleNet Network of over 300 financial institutions worldwide, are able to use the company’s services for faster and lower cost payments.
RippleNet Network Offers Partnership For Better Services
The partnership between RippleNet Network and the National Bank of Egypt (NBE) will enable the bank to receive remittances from Egyptians abroad with ease. The chairman of the National Bank of Egypt, Hisham Okasha, stated at the signing ceremony that the implementation of the agreement will add a new and important tributary for receiving remittances from correspondents under the name RippleNet. It is expected that this new partnership will equally bring a new improved service delivery for customers and partners of the two parties, as this will ease transactions on any cross-border financial deals.
Safety tests before the agreement signing
RippleNet Network with its over 300 banks and financial institutions is expected to grow increasingly, and equally increase its customer’s earnings. Regarding the coordination between the National Bank of Egypt and RippleNet, Hisham Al-Safti, Head of Treasury and International Financial Relations Group, stated that all safety tests were taken before the signing of the agreement, in line with the bank’s security departments to avoid loopholes in the implementation.
It should be noted that Egypt is very crucial to the RippleNet network, in that, it is the fifth-largest remittance market in the world, which has also attracted Moneygram to recently expand its services in the country to better serve its customers.