Monday, May 27, 2024

Morocco’s Largest Bank Joins RippleNet To Accelerate Cross-Border Payments

Attijariwafa – Morocco’s largest and most popular bank has joined the RippleNet to accelerate the distribution of payments worldwide. Recognizing the need for real-time connected solutions, the Moroccan bank has joined fellow tech-driven financial institutions.

Adnane Driouech, the head of corporate cash management at Attijariwafa Bank, said they have entered the new technological era for more than a year. This initiative will first empower the bank’s corporate clients and then for real-time connected solutions in the MENA region.

Through RippleNet, the bank will be able to exchange transactions from numerous destinations around the world. As such, it has strengthened its position in the North African region as an innovative banking leader.

Attijariwafa Bank also wants to introduce the blockchain technology. Driouech said that with RippleNet, the bank connects to the blockchain. It is a fast and foolproof way to receive funds. Attijariwafa Bank has also partnered with Thunes, a member of the RippleNet network.

Brad Garlinghouse, Ripple’s CEO, in 2021 had stated that RippleNet’s growth had increased manifold 5x. A number of Asia-Pacific-based platforms took up RippleNet for money transfers. The region recorded a 1,700% increase in transactions. Collaboration with the Moroccan bank shows that Ripple is open to widening its services and not be pulled back by the SEC lawsuit.

It should be noted that the SEC lawsuit against Ripple has not dampened the growth of its network. Garlinghouse is optimistic about it ending of a high note as its an important case for the cryptocurrency industry as a whole. Despite a slow judicial process, he said there is a fairly good progress. The judge has asked good questions and realizes that the case will have wider implications, and not just on Ripple.

 

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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