Ripple Partners With Kuwait Finance House For Cross-Border Payments


Adopting Ripple’s system for international remittance payments, The Kuwait Finance House (KFH) has joined Ripple Net. The institution is reportedly the first bank in Kuwait to become a part of the enterprise blockchain network, CCN reported.

Through the platform, the bank can offer cross-border money transfers securely — and within seconds. In addition, the bank can have visibility over the payment’s journey. And by joining the network, the bank is taking part in a worldwide blockchain network that includes more than 100 financial institutions such as payment providers and banks. Still, many details surrounding the rollout are not yet clear: For example, it’s not known if the bank will use Ripple’s xCurrent, which allows settlements in fiat currency, or Ripple’s xRapid, which uses XRP for liquidity.

The news comes a few months after Ripple revealed that RippleNet, its blockchain network, now services more than 100 financial institutions. “We are pleased to announce that Bexs BancoAirWallexCredit AgricoleCuallixCurrencies DirectdLocalIFXKrungsriRAKBANK, and TransferGo, among others, have joined RippleNet,” the company said in a statement. “The newest members can count themselves among SBI Remit, SEB and Siam Commercial, who also use RippleNet to send cross-border payments.”

These new additions boost the number of companies using RippleNet to more than 100 financial institutions — including banks, payments providers and more — that are leveraging the technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers.

At the time, Cuallix became the first worldwide institution to use xRapid — Ripple’s cryptocurrency solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the U.S. to Mexico. As a result, Cuallix moved to the forefront of digital payments by using digital assets to remove the inefficiencies and red tape associated with processing and sourcing liquidity.



New forms of alternative credit and point-of-sale (POS) lending options like ‘buy now, pay later’ (BNPL) leverage the growing influence of payments choice on customer loyalty. Nearly 60 percent of consumers say such digital options now influence where and how they shop—especially touchless payments and robust, well-crafted ecommerce checkouts—so, merchants have a clear mandate: understand what has changed and adjust accordingly. Join PYMNTS CEO Karen Webster together with PayPal’s Greg Lisiewski, BigCommerce’s Mark Rosales, and Adore Me’s Camille Kress as they spotlight key findings from the new PYMNTS-PayPal study, “How We Shop” and map out faster, better pathways to a stronger recovery.