Kuwait Finance House Partners With Ripple
Ripple, San Francisco based startup has become the hub for Cross-Border Remittance Services. The company has already partnered with the most popular firms, organizations, banks and institutions around the world. One more name has been added to the list as one of the largest Islamic banks in the world, Kuwait Finance House (KFH) partnered with Ripple in order to use its instant cross-border remittance service.
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
The bank will be using Ripple’s advanced blockchain technology to process international payments for their customers in Saudi Riyal (SAR) also beneficiaries at Al Rajhi Bank.
The bank announced on Twitter:
This development marks significant progress for Ripple but should come as no surprise, as KFH has been extensively trying and testing Ripple’s cross-border remittance services since October 2018.
Dilip Rao, the Chairman of Kuwait Finance House, said in a tweet that the Islamic bank was working with Ripple for testing a service that’s competing with SWIFT, the current standard system for cross-border remittance payments.
— Dilip Rao (@diliprao) October 30, 2018
Recently, the National Bank of Kuwait (NBK) also announced its partnership with Ripple. The central bank aimed to use xCurrent payment solution with the NBK’s new payment system. The bank has been preparing for its first transaction using xCurrent. The operation is purposed for conducting a cross-border settlement service.
xCurrent is a payment solution developed by Ripple Labs. The product is designed to have a fast and frictionless messaging service for banks. Banks can use xCurrent to communicate with each other, during or after a cross-border transaction.
— National Bank of Kuwait (@NBKPage) May 29, 2018