B2B Payments

Kuwait Bank Taps Ripple For Online Banking

The National Bank of Kuwait (NBK) has announced that it will incorporate RippleNet blockchain into its online banking platform, offering 24-hour wire transfers to Jordan, with more countries being added soon.

NBK Direct Remit allows for instantaneous money transfers around the clock. It will cost customers KD 1 ($3.29 USD) per transaction when transferring to NBK Jordan, and KD 5 when transferring to other banks in the country. Transfers to NBK Jordan accounts will receive instant credit, while funds sent to other banks will go through Automated Clearing House (ACH).

This is just the latest partnership for Ripple, which now services more than 100 financial institutions (FIs).

“We are pleased to announce that Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and TransferGo, among others, have joined RippleNet,” the company said in a statement earlier this year. “The newest members can count themselves among SBI Remit, SEB and Siam Commercial, [which] also use RippleNet to send cross-border payments.”

Earlier this month, Ripple partnered with UAE Exchange, the United Arab Emirates-based company, to offer cross-border remittances to Asia using blockchain technology.

“Blockchain holds tremendous promise for the industry, but there is progress to be made before we see it go fully mainstream,” said UAE Exchange CEO Promoth Manghat. “We expect to go live with Ripple by Q1 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”

Also in December, it was revealed that Ripple has teamed up with NEM, Fetch.AI, and EMURGO/Cardano to create Blockchain for Europe, which is focused on promoting the understanding of the technology, and the “true nature” and potential of blockchain.

“Ripple is delighted to be a founding member of Blockchain for Europe,” said Ripple Head of Regulatory Relations Dan Morgan. “This is a critical time for policymakers in Europe, as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”

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