The National Bank of Kuwait, one of the largest banks in the Middle East, has joined the Ripple network to facilitate faster and cheaper cross-border payments.
In an announcement posted on the bank’s website, the financial institution has the tapped into the Ripple network to develop the ‘NBK (National Bank of Kuwait) Direct Remit’ which:
Is a cross-border live payment which uses RippleNet’s enterprise blockchain technology solution to provide customers with a frictionless remittance experience and fast cross-border money transfer solutions.
However, the NBK Direct Remit will be available to those who have access to the bank’s online banking services. Additionally, the service will not have time constraints as it will be available 24 hours a day 7 days a week.
Dimitrios Kokosioulis, Deputy CEO, Group Operations & Technology, NBK, said that developing a product on the Ripple network:
Is a significant achievement as it enables our customers to make money transfers within seconds, easily, and at their convenience any time of the day. The launch comes as part of our commitment to responding to the needs of our customers whenever they are around the world, providing them with safe solutions and a global presence in 15 countries.
The SVP of customer success at Ripple, Marcus Treacher, noted that by joining the Ripple Network, NBK will be connected to more partners on the Ripple network. For a start, the NBK Direct Remit service will be available to those sending money to NBK-Jordan although it will later be expanded to cover other countries.
The bank has indicated that it is not employing either the xRapid or the xCurrent products from Ripple but has developed a special product that taps into the Ripple network.
Do you think banks and other financial institutions will continue to build applications on the Ripple network to cut costs on cross-border money transfers?
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