Ripple Partner QNB Launches New Payment Solution in Partnership with RippleNet

Ripple Partner QNB Group has unveiled new payment solutions as part of its payment ecosystem and strategy for cross-border payments with Ripple. QNB Group, the official bank sponsor of Smart City Expo Doha 2022, will showcase the RippleNet product at the two-day event organized by the Ministry of Communications and Information Technology (MCIT).

QNB is boosting cross-border payments and expanding its remittance service to several countries by being the first to launch RippleNet.

As previously reported by U.Today, QNB successfully launched a corridor on Ripple’s global financial network technology, RippleNet, between QNB Qatar and QNB Finansbank (Turkey), expanding Ripple’s Middle East business. The banks also confirm plans to expand to other major remittance corridors in other major countries soon.

The partnership with RippleNet aims to provide QNB customers with a unique experience by delivering near real-time payments.

CBDCs: Another focal point for central banks

According to a recent Ripple Insights According to a recent survey of 1,600 financial leaders from 22 countries. Many governments and central banks that are actively studying CBDCs or have already launched pilots have indicated similar intentions.

Many governments around the world are working to improve what have traditionally been inefficient and expensive cross-border payments. Ripple started its partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), last year to phase-test a central bank digital currency (CBDC) using Ripple’s CBDC solution.

As stated in a press release, the decision was motivated by the country’s desire to improve digital and cross-border payments, increase financial integration efforts and strengthen its commitment to sustainability.

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