First Bank In Kuwait Launches Ripple (XRP) Reliant NBK Direct Remit
The first bank in Kuwait, National Bank of Kuwait (NBK) has announced the launch of a RippleNet-reliant NBK Direct Remit, a financial service that currently offers transfers to Jordan while planning to extend and add more services and countries to its radial.
In an announcement today, NBK states that the service is available for all NBK Customers with access to NBK Online Banking.
With the tool, customers have the advantage to enjoy an innovative, secure and reliable remittance service, the first of its kind in Kuwait.
The online banking services, according to the update is available 24/7, making it easy for people to remit fund from the comfort of their homes or office.
Although, the first service is available for Jordan, interestingly, direct remit to NBK – Jordan is KD 1 per transaction, while direct remit to other banks in Jordan is KD 5 per transaction. The seamless service is instant and cheap, solving age-long problems encountered in the remittance industry.
Late October, the National Bank of Kuwait (NBK), which is one of the largest bank in the Middle East, announced a partnership with Ripple, stating that it intended to use Ripple’s xCurrent for it planned payment solution.
xCurrent, a payment tool designed by Ripple Labs is a blockchain solution with a fast and frictionless messaging service. Banks across the world use the tool for easy payment and communication, which is tantamount to a seamless cross-border payment.
For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd
— National Bank of Kuwait (@NBKPage) December 26, 2018
This tool and xRapid are being used in different countries to achieve frictionless payment service. While xCurrent does not use XRP, xRapid is said to be using XRP, a digital asset propounded by Ripple Lab.
xRapid is seen as a tool with the potential of increasing the adoption of XRP. However, Ripple CEO Brad Garlinghouse said the adoption is being delayed due to unclear regulation.
With over 60 branches across Kuwait, NBK is regarded as the bank with the largest branch network in the country servicing customers from different locations.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Niyi Adejare Moses Author
Niyi Adejare is a cryptocurrency analyst. He has written many articles on cryptocurrency, technology, and personal development.