In line with a recent ‘announcement‘ published, the NBK [National Bank of Kuwait] has revealed their cross border remittal product employing RippleNet’s blockchain technology.
Launched earlier in 1952, the NBK is one amongst the largest financial institutions in terms of assets in Kuwait. As per the bank’s 2017 annual report, the NBK has over $86.3 Bln in total assets.
The NBK has reportedly become the first monetary institution in Kuwait to implement a remittal product — “NBK Direct Remit” — for international live payments supporting RippleNet’s blockchain technology. The new product is expected to supposedly speed up cross-border money transfers.
The deputy chief operating officer of group operations and technology ‘Dimitrios Kokosioulis’, aforementioned that the blockchain-based solutions permits the bank’s customers to “make cash transfers in just seconds” and “anytime of the day.” Kokosioulis added that the service will be available in Jordan, and can lately expand to other countries also.
Even in Nov., Malaysian loaning giant ‘CIMB Group Holdings Bhd joined RippleNet. CIMB is expected to integrate Ripple’s XCurrent product, a software code solution for expediting cross-border payments, for its “SpeedSend” remittal product.
Also that month, Japanese bank and monetary services firm Mitsubishi UFJ Financial Group, Inc. aforementioned it’ll use Ripple [XRP] to make a new cross-border payments service to Brazil through partnership with Banco Bradesco. The merchandise aims to “assist the banks as they work toward commercializing a high-speed, clear and traceable cross-border payment solutions between Japan and Brazil.”
Earlier in Oct., Ripple [XRP] ‘launched‘ its real time settlement platform xRapid for the business use. xRapid is designed to assist quick transfers of international payments, whereas eliminating the necessity for a pre-funded nostro account.