Qatar National Bank (QNB) has adopted RippleNet, "There is no Correspondent Bank Commission"
QNB advertises on its website that it offers instant money transfers in five currencies using RippleNet infrastructure, with “no correspondent bank commission,” a feature that strongly suggests they may be utilizing Ripple’s On-Demand Liquidity (ODL) service.
Qatar National Bank (QNB) has adopted RippleNet, Ripple's blockchain-based payment platform, to modernize its international money transfer services, offering an efficient, cost-effective solution for customers looking to send and receive funds globally. Through RippleNet’s infrastructure, QNB provides its customers the ability to transfer money across borders with the benefit of real-time processing speeds and reduced fees. This new service, accessible from QNB’s branches, supports the exchange of five key currencies and is made even more attractive by the absence of correspondent bank fees—a clear indication that QNB may be using Ripple’s On-Demand Liquidity (ODL) feature. Integrated into RippleNet, ODL utilizes XRP as a bridge currency, further streamlining the process and removing the need for intermediary banks.
This upgraded RippleNet integration allows QNB to facilitate transfers from Qatar in currencies like the Turkish Lira (TRY), U.S. Dollar (USD), Euro (EUR), and British Pound (GBP). Meanwhile, outgoing transfers from QNB include Qatari Riyal (QAR) in addition to the other major currencies. With no daily transaction limits and a high instant transfer cap equivalent to up to 1 million Turkish Lira (TL) in QAR, USD, EUR, or GBP, QNB customers can handle large transactions efficiently through RippleNet’s infrastructure. Money transfers from QNB Qatar reach customer accounts around the clock, 24/7, ensuring seamless fund access whenever needed.
RippleNet’s technology offers unmatched speed for these transactions, completing transfers within 1-3 minutes on average, a considerable improvement over traditional cross-border payment methods. While transactions remain subject to the same stringent operational and legal compliance checks as any other international payment, customers benefit from faster processing times. With this partnership, QNB establishes itself as a forward-thinking bank in the Middle East, committed to leveraging blockchain technology to bring innovative, practical benefits to its clients. For more information and to take advantage of this service, QNB encourages customers to visit their local branch and experience firsthand the efficiency of RippleNet-based transfers between Qatar and Turkey.