Ripple Network Expands As Banking Institution in Kuwait Launches Cross-Border Remittance Service
The National Bank of Kuwait (NBK) just rolled out a new service for easy cross-border remittances.
NBK Direct Remit utilizes Ripple’s xCurrent payment solution to power real-time, low-cost and trackable remittances on a global scale.
The launch of NBK Direct Remit marks the first time a banking institution in Kuwait has used xCurrent for cross-border transfers. Customers will initially be able to use the service 24/7 to send payments to Jordan.
For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd
— National Bank of Kuwait (@NBKPage) December 26, 2018
According to a report by media outlet Alqabas, the launch is part of NBK’s digital transformation strategy which includes several other mobile, digital and biometric tools and services, including NBK Tap & Pay, QNB QuickPay and SelfiPay NBK.
NBK Group Operations Manager Mohammed Yousuf Al Kharafi says NBK Direct Remit is a milestone achievement.
“Our customers can transfer money in a fast, smooth and convenient manner around the clock. This is a reflection of the bank’s keenness to meet the needs of customers wherever they are around the world, which is achieved by the Bank’s presence in 15 countries.”
Funds will be instantly credited for an NBK-Jordan account. Direct remittances to all other banks will be processed through Automated Clearing House (ACH) per local bank times in Jordan
NBK is an important and strategic partner in the region for Ripple, which continues to expand its global network that aims to disrupt traditional banking by outperforming legacy systems in several key areas: convenience, speed, security, transparency and cost savings.
In 2017 global remittances reached $613 billion, a record high. That figure is expected to climb as consumers, driven by Millennials, embrace an increasing number of mobile banking apps and crypto options, effectively upgrading from days-long, traditional settlement systems to digital transactions that take seconds to complete in a 24/7 environment.
NBK, Kuwait’s largest financial institution, has a local and international network with branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York and Singapore, along with regional offices in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia , Iraq, Turkey and the UAE.