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Ripple, the company behind XRP He took another huge step in adoption. One of the largest Islamic banks in the world, Kuwait Finance House (KFH), recently announced the launch of Ripple's cross-border instant remittance service.
The bank will use Ripple's sophisticated blockchain technology to process international payments for its customers in Saudi Arabia (RAS) to beneficiaries at Al Rajhi Bank.
Kuwait Finance House announced the news via Twitter, stating:
KFH started to manage an instant cross-border remittance service using Ripple's blockchain technology. The "Instant International Transfer" service at zero rate is now available in Saudi Riyal SAR, where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
– Kuwait Finance House (@KFHGroup) 6 January 2019
This development marks significant progress for Ripple, but it should not come as a surprise since KFH has extensively tested and tested Ripple's cross-border remittance services from October 2018.
Dilip Rao, president of Kuwait Finance House, said in a tweet that the Islamic bank was working with Ripple to test a service competing with SWIFT, the current standard system for cross-border remittance payments.
President of Kuwait Finance House @KFHGroup_Eng "We are working with @Ripple and tested a service that challenges the incumbents like #Swift' # GIES2018 pic.twitter.com/Q2pH7ND8dC
– Dilip Rao (@diliprao) October 30, 2018
xCurrent or xRapid?
While this development is a good news for Ripple and the adoption of blockchain technology, details on the fact that the big bank is using Ripple xCurrent or xRapid blockchain technology to enhance immediate cross-border remittance payments is unknown.
Ripple & # 39; s xCurrent is the company's business software solution that allows banks to immediately settle cross-border payments with end-to-end monitoring. The system provides a real-time messaging system made possible by Ripple's blockchain technology.
As for xRapid, this is Ripple's cross-border remittance solution that offers on-demand liquidity using the digital asset, XRP to facilitate instant real-time cross-border payments at very low costs. xRapid is the system that XRP hodlers want to use, as it provides the adoption for XRP, which would shift the price upwards.
Mass adoption of Ripple
This news of Ripple's blockchain technology used by Kuwait Finance House is just the latest in a series of high-profile ads related to the adoption of Ripple. So far, Ripple has already added to RippleNet over 100 financial institutions from over 40 countries and across 6 continents.
Some of the major cooperating banks that are already using or experimenting with Ripple's cross-border remittance services include: American Express, Banco Santander, Malaysian Banking Group CIMB, PNC Bank, SWIFT, the Japanese banking consortium led by the SBI and many others.
All in all, Ripple is on track to reach its goal of becoming the global standard for international payments and establishing the value of the Internet by enabling people to move value as they move information today.
Do you think the Kuwait Finance House bank is using xCurrent or xRapid to facilitate cross-border payments? Do banks and financial institutions ever use Ripple's xRapid system or is the xCurrent system good enough? Let us know what you think in the comments section below.
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