The National Bank of Kuwait (NBK) has launched NBK Direct Remit for cross-border live payments.
The system uses RippleNet’s enterprise Blockchain technology solution to provide 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.
The bank, which offers the latest technological solutions in the money transfer sector, aims to continue launching innovative solutions for the growing needs of customers by adopting RippleNet’s network globally.
Dimitrios Kokosioulis, Deputy CEO- Group operations and Technology, said: “This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day.
“The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.
“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 and biometric cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customers’ banking experience an enjoyable one.”
He added that the new service will be available for customers to make live payments to Jordan, and soon to other countries.
Marcus Treacher, SVP of Customer Success, Ripple, said: “NBK 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.”
NBK is the largest financial institution in Kuwait and enjoys a significant market share in the local commercial banking sector. NBK also maintains the highest credit ratings among banks in the region and from the world’s leading credit rating agencies: Moody’s, Standard & Poor’s and Fitch.
NBK has a wide presence locally and internationally through its branches, subsidiaries and representative offices 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.