The National Bank of Kuwait (NBK) has recently launched a brand new service for seamless cross-border remittances.
NBK Direct Remit uses Ripple’s xCurrent payment system to perform real-time, low-cost and tracking remittances worldwide.
This recent launching made by NBK is the first time a banking institution based in Kuwait has decided to use xCurrent for cross-border transfers. Customers will also be capable of utilizing the service 24/7 to send payments towards Jordan.
For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd— National Bank of Kuwait (@NBKPage) December 26, 2018
According to information provided by the media outlet Alqabas, this launch wad done due to NBK”s plans for a digital transformation which also includes several mobile, digital, and biometric tools and services, which include NBK Tap & Pay, QNB QuickPay and SelfiPay NBK.
Mohammed Yousuf Al Kharafi, Operation Manager for NBK Group, stated that NBK Direct Remit is a grand achievement.
“Our customers can transfer money in a fast, smooth and convenient manner around the clock. This is a reflection of the bank’s keenness to meet the needs of customers wherever they are around the world, which is achieved by the Bank’s presence in 15 countries.”
Funds shall instantaneously be credited for an NBK-Jordan account. Direct remittances for all other banks shall be processed through Automated Clearing House (ACH) per local bank times in Jordan.
NBK utilization of Ripple xCurrent system has made them a key partner for that region. With NBK as an example of the good xCurrent can have for a business, Ripple can expand their global network and succeed in disrupting traditional banking by outperforming the current system in areas that matter the most; convenience, cost savings, speed, security and speed.
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