Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
Moroccan bank to use XRP for real-time payments

Moroccan bank to use XRP for real-time payments

Adoption of XRP for remittances will benefit over 30 million bank users

by Jagdish Kumar
July 18, 2022
in Education, Global, Opinions
Reading Time: 3 mins read
3k
A A
0
Share on FacebookShare on Twitter

You might also like

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
7.3k
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
7.3k

Attijariwafa bank, one of the largest banks in Morocco and Africa has entered into a partnership with Thunes to offer real-time payment services to its customers.

This partnership will enable the bank account owners to send and receive global remittances in their accounts directly.

Customers of Thunes from around the world will be able to transfer funds in real-time at low cost, to Moroccan bank accounts. 

Today, Thunes offers payment services to be made in 79 different currencies, and 130 different countries, and accepts around 300 different payment methods.

Through Ripple, the pioneer in enterprise and blockchain solutions, and its global financial platform RippleNet, Thunes is linked to Attijariwafa bank. 

Customers of Attijariwafa bank will be able to quickly receive transfers from all over the world starting through the Thunes network thanks to the connectivity to RippleNet and Thunes. Customers of other Moroccan banks can be reached through local clearance.

Morocco is the third-largest recipient of remittances after Nigeria and Egypt. It has a sizable diaspora and a sound regulatory system that encourages the use of digital payment services and lowers costs.

According to the World Bank, throughout the pandemic in Morocco, personal remittance inflows rose significantly, recording an estimated $7.4 billion by the end of 2020.

Commenting on this partnership with Attijariwafa bank, Asma Ben Gamra, Thunes Vice-President of Network Development for the Middle East and North Africa (MENA), Morocco is a major power in the North African economy, with a GDP of over $100 billion and it is an important financial hub in the region. Cross-border payments have been difficult since, in the past, clients had to transmit money to Morocco through time-consuming, expensive means.

Today, we are happy to announce our partnership with Attijariwafa bank, which will allow for easy bank-to-bank transfers to any Moroccan bank account. Customers who frequently make cross-border payments will notice a significant improvement, and this will mark an important turning point in the evolution of our Network in North Africa, Gamra underlined.

Adding further, Gamra said that the relationship with Attijariwafa bank supports Thunes’ objective to improve financial access globally by developing more effective and cheap payment systems. The firm is working on this mission with the World Economic Forum (WEF).

Brooks Entwistle, SVP of Global Customer Success, and MD of APAC and MENA at Ripple said that they are happy with the partnership with Thunes, and together we look forward to providing faster, more affordable, and more transparent cross-border payments experiences for customers in Morocco and the greater MENA region.

Speaking on how this will benefit banks’ clients, Ms. Nawal Alami, Head of Cash Management and Payments at Attijariwafa bank said that partnership with Thunes will make them exchange in a transparent, safe, and immediate fashion.

Apart from providing banking services to the Moroccan population living abroad, customers of Attijariwafa Bank will now be able to quickly receive transfers that were started through partners who are part of the same network. 

What is RippleNet?

Using distributed financial technology developed by Ripple, RippleNet is a decentralized worldwide network of banks and payment processors that offers real-time messaging, clearing, and settlement of financial transactions.

Through the use of RippleNet, corporations, banks, payment processors, and exchanges of digital assets may all transmit money internationally without experiencing any delays.

RippleNet provides various use cases that include e-invoicing, global currency account, international bill pay, Real-time remittances, and international P2P payments, international supply chain payments, and real-time cash pooling. Today, RippleNet is used by over 100 financial institutions globally.

With Moroccan banks under XRP folds, the adoption of XRP for real-time payments will further rise, challenging the slow and expensive SWIFT payment system that is currently used by banks globally.

Tags: attijariwafaMoroccan bank xrpmoroccan banksthunesxrp
Previous Post

Win your share of 100,000 $KLV by producing the best how-to KDA explainer video

Next Post

Crypto lender Voyager files for bankruptcy

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

by Maluh Bastos
February 3, 2023
0
7.3k

Klever K5 Wallet’s launch has been the buzz in the last few days. The new and improved Klever Wallet app...

Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

by Maluh Bastos
February 1, 2023
0
7.3k

The DeFi world is growing fast. Therefore, having a trustable and effective platform to navigate this universe can help users...

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Next Post
Crypto lender Voyager files for bankruptcy

Crypto lender Voyager files for bankruptcy

Klever (KLV) to be listed on Huobi

Klever (KLV) to be listed on Huobi

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8335 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version