National Bank Of Kuwait Launch Instant Cross-Border Payments With RippleNet

Ripple has been one of the most adopted platforms around the world, which has largely been due to the cross-border payments that happen instantly through RippleNet. Multiple businesses around the world have already adopted it, and the National Bank of Kuwait is one of the latest additions. According to a post on Twitter, the bank is now making it possible for residents in Jordan to make instant payments.

The post from the National Bank of Kuwait says,

“For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan.”

Along with the post, the bank includes a link to their official website for the full announcement. The addition of RippleNet allows the NBK Direct Remit system to send instant transactions, though users will need to cover KD 1 per transaction. Though the services are limited to Jordan at the moment, the official announcement expressed the intention to add other countries at some point.

The main benefit to be gained is between NBK Jordan bank accounts. However, if users want to send instant payments to other banks, the fee increases to KD 5 for each transaction. The transactions included for NBK Jordan accounts will result in an instant credit, while other banks will have their transactions processed through Automated Clearing House (ACH) / RTGS. Presently, the limit for these transactions will be KD 2,000.

Ripple voiced their excitement over the addition of RippleNet to the NBK efforts. Marcus Treacher, the Global Head of Strategic Accounts for Ripple, reposted the original annoucement, saying,

“Great to see NBK launch this new market leading payment service powered by Ripple. Super news!”

For additional details on the new cross-border transactions system, consumers can visit https://www.nbk.com/kuwait/personal/ways-to-bank/online-banking/direct-remit.html.

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