The National Bank of Egypt (NBE) is now Ripple’s newest client.
The bank plans to use the company’s cross-border payments technology to boost the flow of remittances in the country, according to a press release. The agreement makes the National Bank of Egypt, which is the country’s largest state-owned bank, the first in the country to join RippleNet and use blockchain technology.
At a signing ceremony, Hisham Okasha, chairman of the NBE, said the partnership supports the bank’s long-term goal of building a thriving remittance business in the Gulf region.
The bank is also touting blockchain’s ability to limit errors in financial operations and allow users to immediately know the real balance of a given transaction.
Before the agreement was signed, the company says it conducted thorough safety tests in coordination with NBE’s information and security department to ensure Ripple’s tech is sound.
The bank has not disclosed whether it’s exploring the use of XRP for cross-border transactions.
Ripple currently has approximately 300 customers. Twenty-four of those clients say they plan to – or already have – integrated XRP.