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New partnership for Ripple: Al Ahli Bank of Kuwait (ABK) on payment solution

b040d614db0467e8a69e30aeff55af1a - New partnership for Ripple: Al Ahli Bank of Kuwait (ABK) on payment solution

New partnership for Ripple: Al Ahli Bank of Kuwait (ABK) on payment solution

Home News New partnership for Ripple: Al Ahli Bank of Kuwait (ABK) on payment solution

Of
Marcel Knobloch –
16.02.2019

The American Startup Ripple offers various payment solutions for large and small companies in the world, in order to optimize cross-border payment channels. This potential was recognized by the ABK and flows in a future cooperation.

One of the largest banks of Kuwait, Al Ahli Bank (ABK) entered into a partnership with Ripple to make payments for its own customers faster, cheaper as well as safer and more transparent. As a result, the transaction should shrink in times of a few days to a few minutes (freely translated):

ABK will integrate the Enterprise Blockchain technology of Ripple in its existing Services, to offer its customers on the back of a secure infrastructure, immediate confirmations. The Bank said its customers could now send vital funds faster and more effectively to family, friends, and relatives

Thus, ABK joins the still-growing network RippleNet, a global Association of leading financial institutions and payment providers, in the tailor-made software solutions of the Ripple large potential. RippleNet is now one of more than 200 members and, according to the company’s weekly completed new partnerships, the dissemination and adaptation, to promote faster means of payment.

Until now, the payment solution has not been yet announced. The big difference here is that xRapid relies on the use of native Tokens of Ripple, XRP, and this uses to transport money from A to B quickly. xCurrent not, however, enables also fast transactions, almost in real time, to very low fees, however, XRP. A few weeks ago, Ripple whales of assets in the amount of 750 million US-Dollar moves to just one Cent fee.

In November of last year, the Ripple began with the Work of an office in the United Arab Emirates, the business activities can be better kontrollierenzu and to be present on the ground. Before few days, the Saudi Central Bank announced to work on an Integration of xCurrent, in order to speed up Transfers to other countries and to be able to implement better conditions.

Featured Image: Blue Planet Studio | Shutterstock

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