Kuwait national Bank will make Ripple’s software solutions for cross-border payments use
Home News Kuwait national Bank will Ripple’s software solutions for cross-border payments use
Marcel Knobloch –
Customers in the National Customer Bank of Kuwait will soon be able to send Remittances in a matter of seconds to Partner NBK customers in Jordan. The Bank will use the software solutions of RippleNet.
The national Bank of Kuwait (NBK) has launched its “NBK Direct Remit” service that relies on Ripple’s block chain technology, cross-border process payments quickly, easily and at low cost. NBK is the Central Bank of the country, but a competitor with other normal financial institutions of the country to customers.
NBK claims in their press release that they “will provide the customer with a smooth transfer experience, and a quick cross-border money transfer”. The “fast money transfer service” will initially only be for payments to Jordan available, because the Bank wants to test the technology. The Deputy CEO Dimitros Kokosioulios that money transfers are abegwickelt within seconds. NBK has introduced further innovations such as “SelfiePay”, the cashless Pay with cash and a biometric Bank card.
Ripple is a Startup from the United States, banks, software solutions, cross-border payments easy, secure and transparent manner at a reasonable cost. Ripple offers to its customers, for example, xCurrent, or xRapid. The main difference here consists in the use of native Tokens, XRP. xRapid works with the XRP tokens while xCurrent on a software solution. The press release does not specify which resources will be used by Ripple directly.
According to the report, the accounts of the NBK Jordan seconds later receive the appropriate amount of money, if the payment is with a Direct Remit to be sent from Kuwait. In the case of normal Transfers to other banks in Jordan a classic transfer process takes place, however, still takes the usual processing times for international payments.
RippleNet can win with the NBK another prominent Partner, sees an opportunity in the company-provided Services and in a timely manner, in case of a successful test run, the world wants to use. Meanwhile, the Ripple can look at a network of over 120 partners, the circle continues to grow. Most recently, the UAE Exchange announced that RippleNet 2019 is to be used for a handful of Asian banks.