Tuesday, June 25, 2019

Ripple: National Bank of Kuwait Announces Launch of Cross-Border Payment Product

The National Bank of Kuwait (NBK) has announced its new launch of a cross-border remittance product, which is based on Ripple’s increasingly popular blockchain technology, RippleNet.

RippleNet continues to garner companies and firms and does not seem to see an end to its increasing partnerships soon. The National Bank of Kuwait joins Saudi Arabia and UAE’s similar resolve to seize the ingenuity of blockchain technology as a benefiting pioneer. Asian countries, strange as it might seem, given the region’s impatience with digital currencies, are tending to get to the driving front of distributed ledger technologies as they continue to find ways to implement blockchain in national and local dilemmas.

Following UAE’s enthusiastic revelation at the world’s blockchain conference earlier this month, about its heavy involvement and implementation of blockchain technology in the petroleum industry, NBK likewise is prepared to thread a similar path, jumping ship to Ripple’s popular blockchain network.

The National Bank of Kuwait is the biggest financial institution in the country, and its flagship service “NBK Direct Remit” is a fast remittance service that is always available 24 hours of the day; with the recent blockchain, implementation becoming a necessary step to cater to the increasing demand of the company. The official press release of the institution said of NBK:

“[NBK] has become the first financial institution in the country to launch the “NBK Direct Remit” for cross-border live payments which uses RippleNet’s enterprise blockchain technology solution to provide customers with a frictionless remittance experience and fast cross-border money transfer solutions.”

Blockchain Providing Ready Solution

By turning to Ripple’s RippleNet platform, NBK has communicated it sees its network achieving a faster and more efficient performance. With a global presence in almost 20 countries, the recent partnership deal with Ripple would only pave the way for more future developments, and the bank has made it known it wouldn’t be resting on its laurels soon.  Dimitrios Kokosioulis, the deputy CEO- Group operations & Technology explained how the deal is set to be a huge milestone as NBK becomes the first institution in the world with a remittance service based on Ripple’s blockchain technology. He enthused:

“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. The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.”

A Japanese bank, Mitsubishi UFJ Financial Group, Inc. also recently shared its intentions of using RippleNet to facilitate cross-border payment from Japan to Brazil.

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