The first bank of Kuwait, National Bank of Kuwait (NBK), has announced the launch of a NBK Direct Remit, a financial service that currently offers transfers to Jordan, while planning to extend and add other services and countries to its radial.
In today's announcement, NBK states that the service is available to all NBK customers with access to NBK Online Banking.
With the tool, customers have the advantage of using an innovative, safe and reliable remittance service, the first of its kind in Kuwait.
Online banking services are available 24 hours a day, 7 days a week, making it easy for people to put money back from the comfort of their home or office.
Although the first service is available for Jordan, it is interesting to note that the transfer is directed to NBK – Jordan is KD 1 per transaction, while the direct transfer to other banks in Jordan is KD 5 per transaction. The seamless service is immediate and economical, solving the long-standing problems encountered in the remittance sector.
At the end of October, the National Bank of Kuwait (NBK), which is one of the largest banks in the Middle East, announced a partnership with Ripple, stating that it intended to use Ripple & # 39; s xCurrent for the planned payment solution.
xCurrent, a payment tool designed by Ripple Labs is a blockchain solution with a fast, friction-free messaging service. Banks around the world use the tool for easy payments and communications, which is equivalent to a simple cross-border payment.
For the first time in Kuwait: send money instantly with NBK Direct Remit. Access NBK Online Banking using RippleNet's Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd
– National Bank of Kuwait (@NBKPage) December 26, 2018
This tool and xRapid are used in several countries to get a frictionless payment service. While xCurrent does not use XRP, it is said that xRapid is using XRP, a digital resource proposed by Ripple Lab.
xRapid is seen as an instrument with the potential to increase the adoption of XRP. However, Ripple's CEO, Brad Garlinghouse, said that adoption is delayed due to unclear regulation.
With over 60 branches throughout Kuwait, NBK is considered the bank with the largest branch network in the country that provides services to customers from different locations.