Kuwait Financial House implemented Ripple for cross-border
Ripple’s software solutions for cross-border payments is increasing. This technology enables low cost and fast transactions which are making it popular. In October 2018, Kuwait government announced that they are going to use Ripple Technology. There is a long test phase occurred for this blockchain technology.
“Zero fee Transfer Service” is available to customers who transfer Saudi Riyal (SAR) to Al Rajhi Bank as per company’s latest tweet. Kuwait Financial House (KWH) is working with Ripple to set a standard service to compete with SWIFT.
KFH is the first bank which joined Ripple Net. It is still uncertain that they will use xCurrent or xRapid technology. KFH cleared that they are expanding it globally and it will benefit all customers.
The National Bank of Abu Dhabi (NBAD) implemented Ripple
NBAD has become the first bank which implemented Ripple Technology for cross-border payments in real time. Now NBAD customers have a reliable, secure channel for international remittances between regional markets.
Ramana Kumar, Managing Director & Head of GTB Business and Product Management, said: “At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our client’s payments needs.
According to the 2016 World Bank Migration and Remittances Factbook, the UAE is ranked as the fourth top remittance-sending country in the world, accounting for more than $19 billion.
Ripple is being extended to the Middle East. It is an alternative solution of the existing traditional banking system. National Bank of Kuwait (NBK) incorporated NBK Direct Remit Service. Cross-border credit transfers are done within seconds with this service. Cost is very low in comparison to traditional service.