Blockchain cross-border payment service launched by the National Bank of Kuwait
The National Bank of Kuwait (NBK) has launched a new blockchain-based service for instant money transfers.
The NBK was established in 1952 as the first local bank and the first stock company in Kuwait and in the Persian Gulf region. NBK, which is the largest financial institution in Kuwait with an effective dominant position in the commercial banking market, boasts the largest presence in the country with 68 branches, which together with its growing international representation has more than 143 branches worldwide .
The new blockchain-based service, called NBK Direct Remit, currently allows money transfers to Jordan and will soon add services to more countries. The service is available to all NBK customers with access to NBK online banking.
"The seamless service is immediate and economical, solving the long-standing problems encountered in the remittance sector," the bank said.
The new service uses xCurrent, the Ripple blockchain solution that allows banks to immediately settle cross-border payments with end-to-end monitoring. The solution allows banks to exchange messages in real time to confirm payment details before starting the transaction and to confirm delivery once it is established. xCurrent includes a Rulebook developed in collaboration with the RippleNet Committee which guarantees operational consistency and legal clarity for each transaction.