The National Bank of Kuwait (NBK) has launched a cross-border remittance product based on RippleNet's blockchain technology, according to an announcement published on December 27th.
Founded in 1952, the NBK is the largest financial institution in terms of business in Kuwait. According to the bank's 2017 annual report, NBK has over $ 86.3 billion of total assets.
Reportedly, the NBK became the first financial institution in Kuwait to implement a remittance product – "NBK Direct Remit" – for live international payments based on RippleNet's blockchain technology. The product will presumably speed up cross-border money transfers.
Dimitrios Kokosioulis, deputy managing director of operations and technology of the group, said that the blockchain-based solution allows customers of the bank to "make money transfers in seconds" and "at any time of the day". Kokosioulis added that the service will also be available in Jordan and will subsequently expand in other countries.
In November, the Malaysian loan giant CIMB Group Holdings Bhd joined RippleNet. CIMB will integrate Ripple's XCurrent product, a software solution to accelerate cross-border payments, for its SpeedSend remittance product.
Also in that month, the Japanese financial and banking services company Mitsubishi UFJ Financial Group, Inc. stated that it will use Ripple to create a new cross-border payment service in Brazil through the partnership with Banco Bradesco. The product aims to "assist banks in their work to market a high-speed, transparent and traceable cross-border payment solution between Japan and Brazil".
In October, Ripple launched its xRapid real-time settlement platform for commercial use. xRapid is a platform designed to accelerate international payments, while eliminating the need for a pre-funded account.