National Bank of Kuwait implements money transfers via Ripple network

Posted 28 December, 2018

The National Bank of Kuwait keeps maintaining its strong positions and announced implementation of the advanced Ripple technologies to make international money transfers faster. 

As the bank press release, it will become the first institution in the country's financial sector that will start offering NBK Direct Remit for fast cross-border payments based on the Ripple blockchain solution.

“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 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,” said Mr Dimitrios Kokosioulis, Deputy CEO- Group operations & Technology. 

For now, this service reportedly allows money transfers to Jordan, though the bank plans to expand its geography. Specifically, the NBK offers services in China, Geneve, Paris, Londaon, Singapore, New York as well as some regional countries at home.

"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," commented Marcus Treacher, SVP of Customer Success, Ripple.

The rates for the transfers will be KWD 1 to Jordan within NBK's infrastructure, while fees for transfers to other banks will be set at KWD 5. A transaction should not exceed KWD 2,000. 

The Ripple spokesperson noted that their team has alread launched blockchain transfers for NBK users.

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