Nearly seven months after Kuwait Finance House (KFH) announced its membership in RippleNet, the bank confirmed via Twitter that it had started providing immediate cross-border payments using Ripple technology. The exact Ripple technology used by KFH has not been clarified at the time of this writing. The announcement of KFH was as follows:
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 joins RippleNet last May
Kuwait Finance House has become the first bank in the country to join RippleNet as announced in a press release in May 2018 by the bank. The bank has seen RippleNet as the future of international money transfers, particularly in unique situations where time has been a factor in sending funds.
Information on RippleNet and KFH that join the network
RippleNet is a global payments network that facilitates the connection and transaction of over 200 member banks. Banks and member financial institutions can leverage Ripple's advanced blockchain technology to enhance global payments and obtain immediate liquidity using XRP.
The Ripple website was updated in September last year in a move that illustrated RippleNet as the only payment solution offered by the company. The new website no longer shows the original payment solutions of xCurrent, xRapid and xVia on its home page. This fact led many XRP enthusiasts to believe that RippleNet was the highly speculative convergence solution that summarized the three products in one.
If this is the case, it means that KFH has access to all three payment solutions offered by Ripple. Of particular interest to many XRP enthusiasts, it is if the bank is using xRapid or xCurrent. Between the two, only xRapid directly uses the XRP digital resource. Perhaps with time, Kuwait Finance House will clarify the issue.
What do you think of the Kuwait Finance House which confirms that it has started using Ripple blockchain technology for international remittances? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.