National Bank of Kuwait taps Ripple for new remittance service

Friday 28 December 2018 13:08 CET | News

National Bank of Kuwait (NBK) has joined Ripple’s blockchain-based payments network seeking faster cross-border money transfers.

The bank announced that it has launched a new remittance service, dubbed NBK Direct Remit, that enables “immediate” blockchain-based payments using Ripple technology.

The service is launching with a remittance corridor to Jordan only, but is expected expand to more countries in the near future, the bank said in a statement. NBK has a presence in China, Geneva, London, Paris, New York and Singapore, and regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE.

NBK is charging a fee of 1 Kuwaiti dinars (USD 3.29) per transaction for Jordan transfers if funds are sent to its local branch. For customers using other banks, it will levy 5 KWD (USD 16.47) per transaction. The default limit for transactions is capped at 2,000 KWD (USD 6,586).

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Keywords: National Bank of Kuwait, Ripple, remittance, payments , money transfers
Countries: World

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