National Bank of Kuwait will now use the technology of the blockchain from Ripple to create bolee quick cross-border money transfer system.
Bath announced the launch of a new service on money transfers, called Direct Remit NBK, which allow quick payments using Ripple technology.
At launch the service will only support single payment of the corridor to Jordan, but as stated by the company in the future will also be added support for payment transfers to other countries. The Bank has numerous offices in new York, London, China, Geneva, Singapore, Saudi Arabia, Bahrain, Iraq, UAE, Turkey, Paris, Lebanon, Jordan and Japan.
The Bank also charges a fee of 1 Kuwaiti Dinar pair for each transaction for Jordanian transfers, if payment is sent to the local branch of the National Bank of Kuwait. If the customer uses a different Bank is charged kwd 5 per transaction. The default limit for transactions is limited to 2000 Kuwaiti dinars.
Senior Vice President, customer Ripple Marcus Tracer also said that thanks to the blockchain payments will occur in real time.
National Bank of Kuwait is not the only Bank who began to cooperate with Ripple to create a system of faster payments. Among other partners of the company have Malaysian Bank CIMB Group, crypto-stock exchange South Korea Coinone, the exchange of remittances in the UAE, the us banking Corporation, PNC and several others.
The market of money transfers is also growing worldwide, even in regions like the Middle East. According to the latest posted report, only in 2017, remittances from migrants in the Middle East and North Africa amounted to $ 53 billion.
National Bank of Kuwait is a vital partner for us in this region, and we are pleased that they have started to make payments in real time using our blockchain. In the future, we will continue to work with the National Bank of Kuwait, with the help of our network RippleNet, to help their clients to make faster and cheaper payments anywhere in the world, where are the other members of the network, said Marcus Treacher.
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