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Large Islamic Bank launches live with Ripple’s block chain technology

Large Islamic Bank launches live with Ripple’s block chain technology

Home News Great Islamic Bank launches live with Ripple’s block chain technology

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Marcel Knobloch –
07.01.2019

The distribution of Ripple’s provided software solutions for cross-border payments is growing steadily. Both the low cost as well as the speed are convincing arguments have also moved the Kuwait Finance House to use.

Last year in October, the Kuwait Finance House announced that it will use the international transfer service from Ripple. Since a long test phase, in which the block chain technology in detail on the heart and kidney was tested. According to the latest Tweet of the company, the “Zero-fee transfer service is” available to customers, Remittances in Saudi Riyal (SAR) to customers of Al Rajhi Bank.

In October, Dilip Rao, global head of infrastructure, innovations in Ripple explained that the Kuwait Finance House (KFH) cooperate with Ripple to test a service that will come to the internationally recognized Standard Swift iin competition. This Service will be mainly used among business partners, the large amounts of Capital want to move.

The KFH is one of the largest Islamic banks in the world and was the first Bank in the Arab state that has joined RippleNet and as an innovative pioneer in the field of international Transfers. KFH has not yet reveal whether xCurrent, or xRapid. However, the KFH stresses that their expansion plans globally and by the successful results of all customers in other currencies, the benefits and the potential of the technology to benefit.

Ripple continues to expand in the Middle East and shows that the demand increases, alternative solutions to the existing traditional banking system. In December, the national Bank of Kuwait (NBK) launched the NBK Direct Remmit-Service, the cross-border credit Transfers sent with the help of the software solution xCurrent within seconds to the target, at a low cost.

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