The National Bank of Kuwait (NBK) recently in a press release announced it is all set to roll out a cross-border payment product based on RippleNet’s blockchain technology.

The NBK continues to offer the latest technological solutions in the industry of money transfers. It has become the first banking institution in the nation to roll out the ‘NBK Direct Remit’ for international live payments based on RippleNet’s enterprise blockchain solution.

NBK Direct Remit will offer users with a frictionless payment experience and fast international money transfer solutions. This product will reportedly speed up the cross-border currency transfers.

The bank is planning to make the ‘NBK Direct Remit’ swift payment service available 24/7 for all the users.

From the CEO’s Desk

The Deputy CEO of Group Operations & Technology, MR. Dimitrios Kokosioulis said that this service is an important achievement. This is because it allows our users to make currency transfers in just seconds. He further added that users can easily do the transfers as per their convenience at any time of the day.

Dimitrios said the rollout of the service is a part of their commitment to fulfilling the needs of their users. Likewise, their aim is to offer them safe innovative solutions and an international presence across fifteen nations.

The bank has previously rolled out some innovative and successful products that serve multiple segments. These include QuickPay, NBK SelfiePay, Biometric Cards, NBK Tap $ Pay and many more.

The Deputy CEO further announced that the new service initially will be made available for the users in Jordan.

Marcus Treacher, SVP customer Success of Ripple said that the National Bank of Kuwait is very important to partner in the area and that they are excited to have started moving live remittances over their blockchain network on behalf of their users.

He also added that they will continue to operate with National Bank of Kuwait to connect them to many more RippleNet partners. Consequently, their users can make faster and cheaper remittances at anywhere in the world. More importantly, National Bank of Kuwait maintains the highest credit card ratings amongst the other banks in the area.

Many other major banking institutions across the world have partnered with Ripple to create new cross-border payments for their products. Amongst them, Malaysian lending CIMB Group Holdings Bhd joined RippleNet to create a software solution for accelerating international payments for its ‘SpeedSend’ payment product.