National Bank of Kuwait (NBK) has announced they will be utilizing RippleNet’s enterprise blockchain in an effort to speed up money transfers internationally.
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The NBK Direct Remit, will enable “immediate” blockchain-based payments using Ripple.
The NBK released a statement on their official website to explain the new program:
Upholding its leadership position in Kuwait, National Bank of Kuwait (NBK) continues to offer the latest technological solutions in the sector of money transfers and 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.
The “NBK Direct Remit” is a fast remittance service available online 24/7 for all customers. NBK aims to continue launching innovative solutions for the growing needs of customers by adopting RippleNet’s network globally.
Commenting on the new milestone, Mr. Dimitrios Kokosioulis, Deputy CEO- Group operations & Technology Said: “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.”
Mr. Kokosioulis added, “Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one.”
He also said that the new service will be available for customers to make live payments to Jordan, and soon to other countries.
“The National Bank of Kuwait (NBK) is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers,” said Marcus Treacher, SVP of Customer Success, Ripple. “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.”
NBK is the largest financial institution in Kuwait and enjoys a significant market share in the local commercial banking sector. NBK also maintains the highest credit ratings among banks in the region and from the world’s leading credit rating agencies: Moody’s, Standard & Poor’s and Fitch.
NBK has a wide presence locally and internationally through its branches, subsidiaries and representative offices internationally in China, Geneva, London, Paris, New York and Singapore, as well as regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE.