National Bank of Kuwait Partners with RippleNet on New Blockchain-Based Remittance Service
The National Bank of Kuwait (NBK) has launched NBK Direct Remit — a cross-border payments product based on Ripple’s blockchain technology.
The National Bank of Kuwait (NBK) has partnered with US-based FinTech giant Ripple to launch a blockchain-powered cross-border remittance service, NBK announced on Thursday.
Dubbed NBK Direct Remit, the new product will enable “immediate” international money transfers based on RippleNet’s blockchain technology. The service will be available online 24/7 to all customers but with a remittance corridor to Jordan only, NBK noted, adding that it plans expansion to more countries in the near future.
NBK, the largest financial institution in terms of assets in Kuwait, also has a presence in China, Geneva, London, Paris, New York and Singapore, as well as regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE.
The bank said that by adopting RippleNet’s network, it aims to uphold its leadership position in Kuwait and respond to the growing needs of customers, offering the latest technological solutions in the sector of money transfers.
“This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day. The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries,” NBK deputy CEO Dimitrios Kokosioulis was quoted as saying.
RipleNet’s network consists of over 100 banks and payment providers worldwide. Tapping into the FinTech giant’s blockchain-based payment solutions, NBK joins the likes of Malaysian banking group CIMB, South Korea’s crypto exchange Coinone, US banking giant PNCand and remittance firm UAE Exchange among others.
Marcus Treacher, SVP customer success at Ripple, commented: “The National Bank of Kuwait (NBK) is an important partner in the region, and we're excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.”