Blockchain Cross-Border Payments Service Launched By National Bank Of Kuwaitbr>
The National Bank of Kuwait (NBK) has rolled out a new blockchain-based service for instantaneous money transfers.
The NBK was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Persian Gulf region. NBK, which is the largest financial institution in Kuwait with effective market dominance in the commercial banking market, boasts the largest presence in the country with 68 branches, which together with its growing international representation adds up to more than 143 branches worldwide.
The new blockchain-based service, called NBK Direct Remit, currently allows money transfers to Jordan and will soon add services to more countries. The service is available for all NBK customers with access to NBK online banking.
“The seamless service is instant and cheap, solving age-long problems encountered in the remittance industry,” the bank said.
The new service is utilizing xCurrent, Ripple’s blockchain solution that enables banks to instantly settle cross-border payments with end-to-end tracking. The solution allows banks to message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. xCurrent includes a Rulebook developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction.