Kuwait Finance House (KFH) relies on the Ripple network for immediate payments
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Kuwait Finance House has become the first bank in the Arab country to join the RippleNet, a network of the Ripple network for global remittance payments.
In a statement, the Bank of Kuwait confirmed its move to join RippleNet, an alternative global network of SWIFT, including more than 100 financial institutions including banks, payment providers, remittance operators and other financial institutions. Which uses its product for clearing and settlement of international transactions directly.
Kuwait Finance House (KFH), the first Islamic bank in the State of Kuwait, has also confirmed its intention to use the unique "RIBL tool" for cross-border payments for its retail customers.
"Through this, KFH can provide immediate and secure cross-border financial transfers within a few seconds, with clear and transparent control of all payment movements."
The details of the offer are still rare and it remains to be seen whether the bank will use the RIBL's "xCurrent" tool, which is a plucheen program for paper currency adjustments, or "xRapid", which in turn is a product that uses the XRP real-time liquidity For international transactions.
While CBK says it will get CBK approval before the launch of the RIBL service, KFH insists that customers will benefit from faster payments in highly efficient, secure and transparent transactions, at significantly lower costs than traditional remittance solutions.
Some other Arab partnerships with RippleNet
Elsewhere in the region, RAK Bank, a UAE-based bank, also known as the National Bank of Ras Al Khaimah, became a member of RippleNet last September to provide instant, For receivers with accounts in the bank "Axis" Indian, who is also a member of "RippleNet". In February, one of the Middle East's largest money transfer and foreign exchange companies, the Dubai Financial Market, also joined the blockbuster network developed by the San Francisco-based Ripple.
The Saudi Arabian Monetary Agency (SAMA), also the central bank of the Kingdom of Saudi Arabia, has also partnered with RIBL to test RIBL's xCurrent tool among a number of regional banks. SAMA has also become the first central bank in the world to join RippleNet.