National Bank of Kuwait Set to Use Ripple for International Remittances

National Bank of Kuwait Set to Use Ripple for International Remittances
фото показано с : blokt.com

2019-1-30 21:09

The National Bank of Kuwait has started blockchain-based remittance services to Jordan using blockchain technology supplied by Ripple.

The service will be expanded to other nations as well in the future.

The direct remit service called the “NBK Direct Remit” will connect the bank to RippleNet but will not involve the use of XRP, the company’s digital token.

Fast Remittance Service

NBK said in a statement that NBK Direct Remit would provide round the clock fast remittance services to its customers.

Dimities Kokosiolis, deputy CEO, group operations and technology said:

“This service 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 service is currently available only for live payments to Jordan, but other countries will be added to the network soon.

Ripple’s SVP Marcus Teacher noted that the National Bank of Kuwait is an important partner in the region, claiming that they are excited to have begun moving live payments for the bank’s customers.

Teacher added that Ripple would continue working with NBK to connect them with other RippleNet partners to allow faster and cheaper payments across the globe for their customers.

Ripple’ Interest in the Middle East

Ripple has a deep interest in the MENA (the Middle East and North Africa) region, as noted by their global head of infrastructure and innovation Dilip Rao.

While speaking at the Global Islamic Economic Summit in Dubai in October last year, he talked about setting up an office in Dubai.

He later said that MENA is the fastest adopter of Ripple’s technology.

Ripple, according to him, is eyeing bank partnerships from Saudi Arabia, UAE, Kuwait, and Oman amongst others.

It has already partnered with numerous bank and other companies in this region who are using its blockchain technology to make instant payments or send remittances.

The UAE Exchange and RAKBANK are two of examples Ripple’s customers in the region that are using RippleNet to offer remittance services to banks in Asia.

National Bank of Kuwait Set to Use Ripple for International Remittances was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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