The National Bank of Kuwait (NBK) is in today’s digital currency news for launching a cross-border remittance product that is based on RippleNet’s blockchain technology, as one announcement published on December 27th revealed.
Established in 1952, the National Bank of Kuwait (NBK) is the largest financial institution in terms of its assets within the country, raking more than $86.3 billion in total assets. With this, NBK also became the first financial establishment in Kuwait to implement a remittance product named “NBK Direct Remit” for international live payments based on RippleNet’s blockchain technology.
As the deputy CEO of group operations and technology at NBK Dimitrios Kokosioulis said, this solution allows the customers of the bank to “make money transfers within seconds” and “anytime of the day.” In the meantime, he also added that this service will be available in Jordan and will likely expand to other countries.
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In October this year, Ripple launched its real-time settlement platform xRapid for commercial use as a platform designed to speed up international payments and eliminate the need for a pre-funded nostro account.
That month the Japanese bank and financial services Mitsubishi UFJ Financial Group also said that it will use Ripple in order to create a new cross-border payments service targeting Brazil, in partnership with Banco Bradesco.
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