National Bank of Kuwait has adopted the Blockchain based solution of RippleNet for instant cross border payments. Deputy Chief Executive Officer (Group Operations and Technology) of National Bank of Kuwait, Dimitrios Kokosioulis said adoption of Ripple is a significant step to facilitate the transfer of money in seconds. It allows people to transfer funds to their dear ones at any time of the day. The new initiative is part of the bank’s commitment to meet the needs of the customers at any point of time and anywhere.

NBK Direct Remit is available for customers to facilitate fund transfer to Jordan in real-time. The bank will soon extend NBK Direct Remit to other nations soon. Other innovative products offered by the bank include NBK SelfiePay, QuickPay, NBK Tap & Pay, and Biometric Cards. It is also making continuous improvements to NBK Mobile banking app to make banking enjoyable to the customers.

Senior Vice President (Customer Success) of RippleNet, Marcus Treacher said the company is excited that its partner National Bank of Kuwait started using the blockchain network for live transfer of funds for valued customers. The company will extend necessary support to the bank to ensure connectivity to more RippleNet Partners to allow customers to make faster and cheaper payments worldwide. National Bank of Kuwait is offering the services in 15 nations including Saudi Arabia, London, New York, Paris, Geneva, Saudi Arabia, Bahrain, Egypt, Lebanon, Turkey, Iraq, and UAE.

What is the Transaction Fee for Overseas Funds Transfer?

The users need to pay a fee of $3.29 for transactions to the branch of National Bank of Kuwait in Jordan. They will need to pay a fee of $16.47 for transactions to other bank branches. The limit for each transaction is set at $6,586.

CIMB, a Malaysian Banking Giant, Taps Blockchain for Cross Border Payments

CIMB has adopted the blockchain based solution Ripple to facilitate cross border transactions. Following the collaboration with blockchain based solution of Ripple, the customers of CIMB will now be able to instantly send and receive funds using SpeedSend. Brad Garlinghouse, Chief Executive Officer of Ripple, said CIMB offers SpeedSend in 800 branches worldwide. The integration of blockchain based solution allows the customers of CIMB to transfer the funds to friends, and family members almost instantly.