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.
Kuwait, National Bank of Kuwait, Banking, Money, Finance, Commerce, Tech, Business, Ripple, Blockchain, Bitcoin, Cryptocurrency, Crypto, Middle East, Economy, REMITTANCES, Transfers

Share

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.

Editor's Choice

No thunder in sight
AVTECH Sweden’s proFLIGHT helps pilots pick the perfect flight path
Gulf Bridge International and Microsoft partner to accelerate cloud connectivity in the Middle East
Gulf Bridge International’s partnership with Microsoft provides secure connectivity to Microsoft’s Azure ExpressRoute, supporting regional cloud adoption

Most popular

Don't Miss a Story