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Towards the last days of December, some news emerged on the national bank of Kuwait, which provided for the use of Ripple xRapid to be used in international transfers.
Ripple's XRapid was considered a solution that was able to use the XRP token to make payments. Just a few hours ago, another financial institution in Kuwait was doing the same.
Learn more about Kuwait Finance House and the benefits of wavy-chain technology
Kuwait Finance House, also known as KFH, has also been considered a pioneer in the banking phenomenon known as Islamic Finance or others as bankruptcy with respect to Sharia. In the year 1977 KFH was founded, and was one of the first Islamic banks that were in the state of Kuwait, and today it has been considered among the first Islamic financial institutions that are located all over the world.
The bank also went ahead to confirm the start of their new service, which is the zero-fare service that was based on Ripple Networkwith the first bank served in Saudi Arabia. The bank also said it had started operating on the instant cross-border repatriation service thanks to Ripple blockchain technology.
With the zero-fare service for instant transfers, they were able to make the service available in Saudi Riyal SAR, so this means that their customers are able to easily carry out the remittance transaction to several beneficiaries based in Al Rajhi Bank.
Remittance service is a huge deal, especially in Asia and the Middle East. The only drawback that most of the remittance solutions tend to have is the low speeds and high transaction costs of the micropayments that are transferred. But there is good news because the Kuwait Bank seems to have found the answer to this burning problem, and all this thanks to the Ripple blockchain technology.
Ripple has also made big moves
The Ripple has been able to make several partnerships with some of the major banks in the market along with large financial institutions that are spread across the world. This is Akbank of Turkey, Israeli GMT, AmericanExpress, Earthport, CIBC, to name a few. Many institutions have gone on to test the technology behind Ripple's blocking of cross-border payments.
Akbank went on to announce that it started using Ripple chain chain technology to transfer GBP to Santander in the UK, which is another promising financial services company.
From this announcement, the company does not clarify whether the bank uses XRP as a bridge currency, but at the same time did not mention that it is not.
In addition, it seems that the words of Ripple's CEO, Brad Garlinghouse, are coming true, as he had previously promised that banks would soon use Ripple xRapid, coin investors in the encrypted world should be on the lookout.
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