National Bank of Kuwait Joins Ripple Net: Cross-border Payments Enabled with Ripple Technology
Ripple’s XRP and Ripple Labs have come a long way since the blockchain startup first appeared in 2015 as one of the fastest cryptocurrencies in the market. Soon, Ripple grew to a base of prominent partners from financial industry all around the globe after setting up the network of Ripple supporters known as Ripple Net.
Ripple Net counts over 120 banks and financial institutions that are presently using or testing the company’s blockchain-based products created for “frictionless experience” of cross-border payments commonly powered by xCurrent or xRapid in rare cases.
In one of the most recent announcements made by the National Kuwait Bank representatives, Ripple Net got another member in NKB.
As stated in the official release, the National Bank of Kuwait will take advantage of Ripple’s technology for enabling cross-border payments for their clients.
NBK Joins Ripple’s Network of Over 120 Global Banks and Financial Institutions
National Bank of Kuwait announced in one of their latest blog posts on media relations that NBK became one of the official partners of Ripple by joining the network of supporters, Ripple Net.
The announcement came out on December 27th, adding another major bank on the list of Ripple supporters that includes big names of the financial industry, like Western Union, SBI group, Credit Agricole, Money Gram, Banca Intesa, and more.
The previous announcement on the official media relations page of NBK stated that the bank has more than 1.4 million followers on social media, which means that Ripple could be looking at the increased exposure through the newly established market in Kuwait.
As further stated in the official release on the partnership between Ripple and NBK, the bank launched a new service called NBK Direct Remit, while the service is based on Ripple technology.
The main objective behind the partnership is to establish a blockchain-based payment ecosystem through Ripple’s remittance products, resulting in fast cross-border transactions that NBK can offer to its clients.
Fees to Become Lower with Ripple-powered NBK Direct Remit
As the remittance market is booming, especially in the last several years, the expansion is not leaving the Middle East out having tens of billions spent on remittance payments across North Africa and the Middle East alone.
The number of migrants is growing, which makes a benevolent ecosystem for establishing a faster and cheaper way of transacting money across the globe, and as stated by NBK, the charging fee through NBK Direct Remi will be 3.29$ per transaction where other banks are charging an average fee of 16.47$.
Although the bank had already embraced Ripple’s blockchain-based remittance system, cross-border payments are for now only available from NBK to Jordan.
However, as stated by the National Bank of Kuwait, the newly launched service should also become available for other countries in the future, as the bank is present in Egypt, Saudi Arabia, London, Paris, China, Geneva, UAE, Bahrain, Turkey, New York, Lebanon, and Iraq.
Marcus Treacher, SVP of Customer Success, commented on the NBK and Ripple partnership, stating that Ripple will continue to work with NBK in order to connect them with other Ripple Net partners, which should result in cheaper and faster payments across the globe for NBK clients.
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