Kuwait National Bank Launches NBK Direct Remit via RippleNet

The National Bank of Kuwait (NBK), the largest financial institution in the country, announced on Thursday that it has launched “NBK Direct Remit” which enables cross-border live Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term by utilizing RippleNet’s Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

Through NBK Direct Remit, customers can have access to fast cross-border money transfer solutions 24/7. By adopting RippleNet’s technology, the bank plans to launch even further solutions to meet the growing demand of its customer base, the statement said.

The bank holds a significant market share in the commercial banking sector of Kuwait. According to the statement, the firm maintains the highest credit ratings among banks in the region, as well as from international credit agencies Moody's, Standard & Poor's, and Fitch.

Commenting on the launch of the direct remittance product, Dimitrios Kokosioulis, the Deputy CEO for Group Operations & Technology at the national bank said: “This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day."

“The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.”

According to Kokosioulis, the new remittance service will also be available for customers to make live payments to Jordan, with the bank planning to enable live payments to other countries soon.

“Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one,” Kokosioulis added.

The beginning of NBK and Ripple's partnership

Speaking on the collaboration between Ripple and the national bank, Marcus Treacher, the SVP of Customer Success at Ripple noted: "The National Bank of Kuwait... is an important partner in the region, and we're excited that they have begun moving live payments across our blockchain network on behalf of their customers.

"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."