National Bank of Kuwait to use Ripple for blockchain-backed remittances

The new remittance service is currently available for remittances to Jordan, but will be expanded to other countries
National Bank of Kuwait to use Ripple for blockchain-backed remittances
By Bernd Debusmann Jr
Sun 30 Dec 2018 09:23 AM

National Bank of Kuwait (NBK) has unveiled a new remittance service using RippleNet’s blockchain technology.

While the “NBK Direct Remit” service uses RippleNet, it doesn’t utilise XRP, the company’s native token.

In a statement, NBK said that NBK Direct Remit has been designed as a fast remittance service available around the clock for customers.

“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,” said Dimities Kokosiolis, deputy CEO, group operations and technology.

Currently, NBK said that the service is only available for customers to make live payments to Jordan, but will soon be extended to other countries.

Marcus Teacher, Ripple’s SVP, customer success, said that the company considers NBK an “important partner in the region.”

“We’re excited that they have begun moving live payments across our blockchain network on behalf of their customers,” he said.

“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.”

Ripple has already partnered with a number of banks and companies around the region to use its blockchain technology for instant payments or remittances, including RAKBANK and UAE Exchange, which in February announced it will use RippleNet to offer real-time remittance services to a number of banks in Asia.

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