Pakistan-based Faysal Bank will work with Ripple to revolutionize Payments across borders

The Faysal Bank, Islamic Commercial Bank of Pakistan, has made a partnership with Ripple to make the process of payments very secure and efficient across the borders.

6 Sep,2019

Faysal Bank become first bank in Pakistan Sign Up Contract With Ripple (Xcurrent).

Dato Arif Siddiqui
-SEVP/Chief Digital Officer Faysal Bank. @Hodor @AlexCobb_ @digitalassetbuy @CKJCryptonews@stuart_xrp @BankXRP @XrpCenter @haydentiff https://t.co/RZpZ1ouGnA pic.twitter.com/ITAnqQd2iQ

— Rockefeller Jr. (@Rockefeller_xXx) September 6, 2019

Since the inception of Ripple, it had made many contracts with financial companies and banks to improve the payments system across the globe. Ripple has made the partnership with MoneyGram in June in order to utilize XRP token in the transactions using the xRapid, the product of XRP.

First Bank to work with Ripple

The ceremony was held in Karachi, the largest city of Pakistan by population, where the news of partnership is announced by the president of the bank.

The Faysal Bank tweeted:

Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL.

It is important to pin down here that the government of Pakistan has not officially recognized the cryptocurrency in the country. But according to some reports, this issue is under the scrutiny of financial regulators and it is expected that the doors will open for the cryptocurrency.

The need for Digital payments

As the world is becoming a global hub and is connected through the internet. The need for international payments across the borders is also increased which leads to various service providers such as MoneyGram and Western Union. The traditional banks are also offering these services but the fees are very high and there are lots of risks.

These centralized firms have some demerits such as KYC, liquidity costs, regulatory framework and lack of transparency. These issues need to be covered up with the latest technology and it is said that blockchain technology is going to ease these problems.