National Bank Of Kuwait Joins RippleNet For Cross-border Transactions

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National Bank of Kuwait (NBK) launched a new cross-border transactions platform called "NBK Direct Remit" using Ripple's enterprise blockchain network RippleNet to enable faster and secure real-time cross-border transactions for its clients.

NBK has become the first financial institution in the country to launch the blockchain-powered cross-border live payments solution that provides its customers with a frictionless remittance experience and fast cross-border money transfer solutions.

NBK Direct Remit is a fast remittance service available online 24/7 for all customers. It enables customers to make money transfers within seconds instead of waiting two to three days and at their convenience anytime of the day.

The bank said the new service will be available for customers to make live payments to Jordan, and soon to other countries.

NBK is the largest financial institution in Kuwait and enjoys a significant market share in the local commercial banking sector. It has a wide presence locally and internationally in China, Geneva, London, Paris, New York and Singapore, as well as regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE.

NBK joins some of the world's leading banks on the Ripple network including Bank of America, American Express, Credit Agricole, Mizuho Financial Group, UBS, RBC, UniCredit S.p.A., Standard Chartered, Westpac, BMO, Santander and SBI-led Japan bank consortium.

MUFG Bank was one of the first customers to join RippleNet. The most recent joining are Malaysian bank CIMB, U.S.-based PNC Bank, UAE Exchange and Indian private sector lender Kotak Mahindra Bank.

RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple's distributed blockchain technology. It has recently expanded its reach to over 40 countries and 6 continents.

RippleNet has a connected network of more than 100 financial institutions and payment providers to send money across the globe. Ripple mitigates some of the inefficiencies in the current global payments systems.

It will also provide end-to-end tracking of the entire cross-border payments transaction between RippleNet members on blockchain.

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