[ad_1]
In the last days of December, a news broke out about the planning of the national bank of Kuwait to use xRapid of Ripple (a solution that uses the XRP token for payments) for international transfers.
Just a couple of hours ago, another Kuwait financial institution is doing the same.
Kuwait Finance House (KFH) is considered a pioneer in the banking phenomenon known as Islamic Finance or Shari & # 39; a Compliant Banking. KFH is the first Islamic bank founded in 1977 in the State of Kuwait and today is one of the main Islamic financial institutions in the world.
KFH (Kuwait Finance House) today confirmed the beginning of the zero-fare service based on the Ripple network, with the first banks served in Saudi Arabia.
"KFH has started running an instant cross-border remittance service using Ripple's blockchain technology, the" Instant International Transfer "service at zero rates is now available in Saudi Riyal SAR, where customers can make remittance transactions to beneficiaries at Al Rajhi Bank "
They also added:
Remittances are a huge business, particularly in the Middle East and in general in Asia. One of the main downside incumbent remittance solutions is, however, the high transaction cost and the low speed of micro-payments transfers. Kuwait banks seem to have found the answer, and it came from Ripple.
Ripple has made several important partnerships with leading banks and financial institutions around the world, such as the Israeli GMT, Turkish Akbank, MoneyGram, AmericanExpress, CIBC, Earthport and many others who have started to test Ripple's blockchain technology for cross-border payments.
Akbank announced that he was using Ripple's blockchain technology [Ripple Net] to transfer the GBP to Santander of U.K., another financial services company. This announcement does not make clear that it is not using XRP as a bridge currency, but it does not say it is not.
In addition, Brad Garlinghouse, Ripple's CEO, appears to be making a reality, as he promised that banks will start using Ripple's xapapid in the near future.
Join our Telegram channel
The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
[ad_2]Source link
