The largest barriers to cryptocurrencies to enter the broader financial world are long transaction settlement times and unstable fees.
Ripple is designed for seamless transactions which can be settled by banks in real time resulting in lower transaction fees for both banks and individual customers.
The National Bank of Abu Dhabi (NBAD) has announced that it would adopt Ripple protocol for some of its cross-border transactions. Of all the blockchain technologies Ripple has won.
The focus of Ripple for NBAD would be to facilitate cross-border transactions and may be used to complete transfers across different multiple platforms.
The Bank wants to prioritise on enhancing the customer experience and blockchain technology would be a beneficial way to do it.
In order to help the customers of the bank with immediate fund transfers to beneficiary accounts, the bank would merge the ripple protocol with its existing system.