The National Bank of Kuwait is leveraging Ripple’s blockchain technology for a new cross-border payments service.
NBK Direct Remit uses RippleNet for immediate transfers at any hour. The new service initially supports payments to Jordan, but the bank—which has operations in 15 countries—plan to expand it to other locations soon, according to the bank's press release.
Any bank customer with access to NBK’s online banking portal may use the service, which costs KD 1 (US$ 3.30) per transaction for funds sent instantly as credits to any other NBK customer. When using the service to send funds to customers of other banks, transactions are routed via ACH, subject to local banks’ operating hours and cost KD 5 (US$16.50) each, NBK’s website notes. Users may send a maximum of $1,650 per transaction, but limits may be increased upon request, according to the website.
“We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world,” said Marcus Treacher, Ripple’s senior vice president of customer success, in the release.
National Bank of Kuwait has locations throughout the Middle East, along with London, Paris, New York and Shanghai.
