The National Bank of Kuwait has launched a new service focusing on speeding up its cross-border transfer system. The service, which will carry the name NBK Direct Remit, is the latest to join the Ripple network.

“Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one.”

The launch of the service will initially only serve remittance with Jordan, but the bank itself has a much larger base of connections, with China, Singapore, Switzerland (Geneva), the UK (London), France (Paris), the US (New York), Lebanon, Bahrain, Iraq, Jordan, Egypt, Saudi Arabia, the United Arab Emirates and Turkey. The service is expected to expand more regionally to begin with, with the potential to grow throughout 2019 and 2020.

According to the NBK site, the charge for sending money will be 1 Kuwaiti Dinar (approx. $3.2 USD), or 5 Dinar for transfers to non-NBK banks. This would mean a reduction in price from the current service, and the obvious advantage of using the Ripple blockchain system, which allows for almost instantaneous transfers. Ripple’s Customer Success Senior Vice President, Marcus Treacher, said:

“The National Bank of Kuwait is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more RippleNet partners, so their customers can make quicker, cheaper payments to anywhere in the world.”

This news is the latest in a series of gulf-based developments within remittance. Saudi Arabia and the United Arab Emirates are currently collaborating on a cross-border currency that would be aimed at banks rather than individuals, and Dubai has hosted a number of high-profile events, signaling its intent to continue moving forward with blockchain development.

Ripple, of course, is already used by a growing number of institutions, including, more recently, Coinone, the South Korean exchange. The exchange launched “Cross” earlier this month, which will use xCurrent to speed up its cross-border transactions. Of the launch, Ripple said,

“Unlike other remittance options in South Korea, Cross does not rely on traditional banking rails. Rather, it provides a safe alternative for those with or without a bank account, and the increased payment transparency and reliability inherent to Ripple’s advanced blockchain technology.”

And while cryptocurrency values continue to shrink, Ripple’s blockchain empire continues to sign up new worldwide firms to a network that already has significant numbers and cash behind it. SWIFT must be getting a bit concerned by now.

Image by: descryptive