National Bank of Kuwait Uses Ripple-Based Cross-Border Payments Product
By Luke Flowers – Cryptocurrency Speculator
To support international payments the National Bank of Kuwait (NBK) have launched a blockchain based product using the RippleNet as posted on through site. It now offers a ‘NBK Direct Remit’ for international live payments to speed up their current system. NBK have currently started to make payments to Jordan with plans to launch in 15 more countries. It will assist in keeping their place as the country’s main way to move funds and can encourage others to move to a blockchain system.
2017 showed that Kuwait had the lowest income for years, suggesting launching its cross-border payments with the RippleNet could be a good approach to generate more income. Working together, they can connect to more RippleNet partners for faster and more cost-effective payments around the world. With Ripple gaining more momentum in the banking world, we could see more incentive to buy XRP.
Other Middle Eastern and North African regions have been leading the way in blockchain projects, with oil as their primary source of income these industries may benefit from Bitcoin investing. Moving to more sustainable industries may be one of the ways people in this part of the world could benefit as their primary source of income could disappear at some point. Perhaps crypto buying could be another field they could lead in.
NBK is the largest financial organisation in Kuwait in terms of assets and working with Ripple’s latest platform is another step forward for speedy and transparent international payments. Other countries are also looking to provide a cross border payment solutions utilising the RippleNet which include Japan and Brazil.
It’s great news to see the blockchain industry develop for a quicker and more transparent system. If you would like to buy and sell cryptocurrency or learn more, head over to our site!