By Nina Kikava - News - 3 weeks ago

New Ripple Based Cross-Border Payments Service

According to an announcement, that was published on December 27, The National Bank of Kuwait (NBK) has developed and launched a new cross-border payment system, which is based on Ripple blockchain.

The National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait. In total assets, the bank itself has approximately over $86.3 billion.

NBK is the first financial institution, who decided to develop a payment system for international live payments, that are based on Ripple blockchain. The name of the product that the bank launched is “NBK Direct Remit”. With the help of the new payment system, cross-border transactions will be much faster.

The deputy CEO of the bank Dimitrios Kokosioulis thinks that with the help of this project, people who use this kind of services in the National Bank of Kuwait will be able to make cross-border transactions faster and of course anytime during the day. For now, the product is only available in Jordan, but as the statement claims soon enough the service will expand and will be available in other countries as well.

Earlier this year, in October, company Ripple developed platform xRapid. The platform is designed to make international payments faster and also remove pre-funded nostro account.

As BNG stated earlier this year, Malaysian company CIMB signs on to the cross-border payments network, that is run by blockchain technology firm Ripple. The cross-border payments network is called RippleNet. The company CIMB will deploy the product, which will be the solution for cross-border payments. The technology of Ripple will be used in SpeedSend payment product of CIMB. SpeedSend is used in numerous number of countries including the Philippines, Vietnam, and Thailand.