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24/06/2019
Technology

National Bank of Kuwait Launches Instant Cross-Border Remittance System with RippleNet

As per the latest announcement dated December 27, the National Bank of Kuwait (NBK) revealed that it has launched a product for cross-border remittance based on RippleNet’s blockchain technology.

Due to its feature of instant cross-border payments through RippleNet, Ripple has been one of the most adopted platforms around the world. It already has a wide acceptance across businesses around the world. The National Bank of Kuwait has become the latest to adopt it.

The NBK was established in 1952 and is the largest financial institution in terms of assets in Kuwait. As per the bank’s annual report of 2017, the bank has over $86.3 billion in total assets.

The bank made the announcement via Twitter and posted that the bank is now making it possible for residents in Jordan to make instant payments.

The twitter post from the National Bank of Kuwait said, “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.”

The bank also included a link to their official website along with the twitter post, for the readers to go through the full announcement.

By the launch of this product, the NBK has apparently become the first financial establishment in Kuwait to launch a product based on RippleNet’s blockchain technology for facilitating international live payments. The remittance product named “NBK Direct Remit.” The product is supposed to accelerate cross-border money transfers.

The deputy CEO of the NBK group for its operations and technology, Dimitrios Kokosioulis, said that the product ‘NBK Direct Remit’ will allow the bank’s customers to “make money transfers within seconds” and during “any time of the day.” Kokosioulis further added that though currently, this service will only be available in Jordan, the company will soon be expanded to other countries during a future course of time.

Users within the NBK’s network will benefit the most as they will be charged KD 1 per transaction and the transfer result in instant credit to the account. However, in such cases where users want to send instant payments to other banks, the fee increases to KD 5 for each such transaction and the transactions will be processed through Automated Clearing House (ACH) / RTGS. Presently, the limit for these transactions will be KD 2,000.

Marcus Treacher, the Global Head of Strategic Accounts for Ripple, expressed Ripple’s excitement over NBK’s effort of adding RippleNet to its product list. He reposted the original twitter post made by NBK and added that “Great to see NBK launch this new market-leading payment service powered by Ripple. Super news!”

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