KFH (Kuwait Finance House) has announced an instant cross-border remittance service powered by Ripple’s Blockchain technology. According to the corporate tweet; a zero-fees “Instant International Transfer” service is available at the moment.
Customers of Kuwait Finance House will be able to instantly transfer SAR (Saudi Riyal) currency to accounts at Al Rajhi Bank in Saudi Arabia. The announcement has been made after a long testing period.
Ripple being used at Kuwait Finance House for Remittances payments (Source: Cryptocurrency News)
Kuwait Finance House Became the First Ripple-Powered Arabian Bank
Kuwait Finance House’s Chairman “Hamad Abdulmohsen Al-Marzouq” and Ripple’s Global Infrastructure Innovation Head “Dilip Rao” have made a joint announcement on the usage of Ripple for a transfer protocol which can compete with “SWIFT”.
— Dilip Rao (@diliprao) October 30, 2018
KFH (Kuwait Finance House) which is one of the largest Islamic banks in the world is the pioneer in Arabic financial market to join the “RippleNet” (the international remittance network of Ripple).
Up to now, Kuwait Finance House (KFH) has not confirmed the usage of xCurrent (peer-to-peer cross-border remittance monitoring and allocation system) and xRapid (offering on-demand liquidity via XRP) technologies.
Ripple Continues to Expand its Services in the Middle East
Kuwait Finance House (KFH) has declared that their growth plans are valid globally and they have a near plan of adding more currencies other than Saudi Riyal.
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
NBK (National Bank of Kuwait) has launched a service which empowers cross-border transfers namely “NBK Direct Remit”. This innovative service is powered by Ripple’s “xCurrent” payment technology.
For the first time, a 24/7 operating banking company has benefitted from “xCurrent” for the cross-border remittance transactions in Kuwait. By the aid of “xCurrent”, they succeeded to send payment to Jordan.