The National Bank of Kuwait (NBK), the largest financial institution in the country, announced on Thursday that it has launched “NBK Direct Remit” which enables cross-border live payments by utilising RippleNet’s blockchain technology.
Through NBK Direct Remit, customers can have access to fast cross-border money transfer solutions 24/7. By adopting , the bank plans to launch even further solutions to meet the growing demand of its customer base, the statement said.
The bank holds a significant market share in the commercial banking sector of . According to the statement, the firm maintains the highest credit ratings among banks in the region, as well as from international credit agencies Moody’s, Standard & Poor’s and Fitch.
Source: NBK
“The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.”
According to Kokosioulis, the new remittance service will also be available for customers to make live payments to Jordan, with the bank planning to enable live payments to other countries soon.
“Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one,” Kokosioulis added.
The beginning of NBK and Ripple’s partnership
Source: LinkedIn
“We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.”
Kuwait National Bank Launches NBK Direct Remit via RippleNet
Published in Analysys
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