A press release from the Kuwait Central Bank (NBK) details a new financial product that utilized RippleNet to enact cross-border payments.
The central bank of the middle eastern nation of Kuwait has joined forces with blockchain banking network Ripple to provide a more efficient international payment solution.
The product, “NBK Direct Remit,” will initially serve payments to Jordan, although, additional countries are scheduled to follow suit. It boasts to provide a quicker, cheaper alternative to the current services. The “fast remittance service” will be available online 24 hours a day, seven days a week for all NBK clients.
NBK is the country’s largest financial institution, claiming the highest credit rating among regional banks according to leading credit rating agencies Moody’s, Standard & Poor’s and Fitch.
Ripple is well recognized for being a cryptocurrency that, unlike Bitcoin, operates harmoniously alongside banks and the traditional financial sector.
Observers have noted that modernizing banking networks in ways such as NBK Direct Remit does, will help stimulate income-generating activities, something particularly valuable for oil-dependent middle eastern nations. Dubai officials have also been outspoken advocates of the potential benefits of blockchain banking, while Saudi Arabia and the UAE are reported to be launching their own cross-border payment window.
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