National Bank of Kuwait has now joined the Ripple Blockchain based payments networks which is seeking much faster cross-border money transfers system.
The bank now revealed that is has launched a new remittance service, dubbed NBK Direct Remit, that will enable the “immediate” blockchain bases payment with the help of a Ripple Technology.
The service is launching with a remittance corridor to the Jordan only, but it is also looking to expand to more countries in the future aspects as well, the bank said in a statement. NBK has a presence in New York, London, China, Geneva, Singapore, Saudi Arabia, Bahrain, Iraq, UAE, Turkey, Paris, Lebanon, Jordan, and Japan.
NBK is also charging a fee of 1 Kuwait Dinars for every transaction for the Jordan transfers if the amount is sent to the local branch. For the customer who is using the other bank, it will charge 5KWD for every transaction. The default limit for the transactions is capped to be at 2000 KWD.
The Senior Vice President of Ripple, Marcus Tracher, said that his firm has started moving all the live payments across all the blockchain networks on the behalf of the NBK customers.
NBK also joins the growing number of the financial institutions across the globe to have partnered with the Blockchain Ripple for it Blockchain based payment exchange services. Moreover, this also includes the Malaysian banking group CIMB, South Korea crypto exchange Coinone, remittance firm UAE exchange, US banking giant company PNC and some other as well.
The remittance market is also growing across the globe, which even the regions like the Middle eastern part. According to the latest report which has been revealed, migrants exchanged $53 billion in the year 2017 alone to the Middle East and North Africa markets.
“NBK is a vital and 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, senior vice president, customer success, Ripple. “We will in future also continue to work with NBK to connect them with the help of more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.”
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