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Ripple continues to expand its services among companies around the world. This time, Kuwait Finance House announced the launch of a new remittance service that leverages Ripple technology. The information was released a few days ago from the financial institution.
New Ripple partner
According to Kuwait Finance House (KFH), Ripple is feeding an instant cross-border remittance service that uses Ripple's blockchain technology. The new service is called Instant International Transfer and would allow users to send Saudi Riyals (SAR) to their customers using Al Rajhi Bank.
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
KFH explains that the service will also expand in other countries of the world. By the way, the financial institution wrote:
"This service will expand to include most countries in the world in different currencies, and KFH customers can make instant and secure commissions remittances through their accounts on kfh.com."
As early as December 2018, the National Bank of Kuwait (NBK) announced another service connected to Ripple. NBK has launched the NBK Direct Remit service which uses Ripple's xCurrent payment solution. The intention is to execute cross-border payments and transactions quickly and economically.
Ripple continues to expand with banks in the Middle East and other regions of the world. The company aims to increase the number of participants in their network and reduce costs and transaction times.
A few days ago we wrote about UseTheBitcoin that Cory Johnson, Ripple's Chief Market Strategist, said that Amazon could benefit from Ripple's products. These types of companies should not manage our Our and Your accounts worldwide if they use Ripple products.
Ripple Labs has already collaborated with over 150 different financial companies worldwide. In the future, this number is set to grow as institutions discover the benefits of using a wide range of products offered by Ripple.
In addition, Cory Johnson also mentioned that Ripple is intended to replace SWIFT. SWIFT is the current service provider for cross-border transactions worldwide. However, it is very expensive and slow to use, which is why Ripple offers similar but improved services and products.
More information on Ripple Partners
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