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The National Bank of Kuwait has launched a remittance product for cross-border live payments based on RippleNetâs blockchain technology.
The National Bank of Kuwait (NBK) has launched a cross-border remittance product based on RippleNetâs blockchain technology, according to an announcement published Dec. 27.
Established in 1952, the NBK is the largest financial institution in terms of assets in Kuwait. Per the bankâs 2017 annual report, the NBK has over $86.3 billion in total assets.
The NBK has reportedly become the first financial establishment in Kuwait to implement a remittance product â âNBK Direct Remitâ â for international live payments based on RippleNetâs blockchain technology. The product will purportedly speed up cross-border money transfers.
Dimitrios Kokosioulis, the deputy CEO of group operations and technology, said that the blockchain-based solution allows the bankâs customers to âmake money transfers within secondsâ and âanytime of the day.â Kokosioulis added that the service will also be available in Jordan, and will subsequently expand to other countries.
In November, Malaysian lending giant CIMB Group Holdings Bhd joined RippleNet. CIMB will integrate Rippleâs XCurrent product, a software solution for expediting cross-border payments, for its âSpeedSendâ remittance product.
Also that month, Japanese bank and financial services firm Mitsubishi UFJ Financial Group, Inc. said it will use Ripple to create a new cross-border payments service to Brazil through partnership with Banco Bradesco. The product aims to âassist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.â
In October, Ripple launched its real-time settlement platform xRapid for commercial use. xRapid is a platform designed to speed up international payments, while eliminating the need for a pre-funded nostro account.
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