Ripple News: Ripple adds another high profile client to its list, as the National Bank Of Kuwait will be employing RippleNet to facilitate instant cross-border payments.
The National Bank of Kuwait took to its Twitter account to announce that the residents of Jordan will now be able to make instant payments, all thanks to their collaboration with Ripple. The post states
“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.”
The full announcement on their website further elaborates about the deal. With RippleNet’s integration, NBK can access the Direct Remit system to send instant transactions. While initially the services to Jordan at the moment, the bank expresses its intention to add other countries at some point.
The transaction fee between NBK Jordan bank accounts is delegated to be KD 1 per transaction. However, the fee escalates to KD 5 for each transaction in case of instant payments to other banks. Notably, the transactions between NBK Jordan accounts will receive an instant credit, while other bank transactions will be processed through Automated Clearing House (ACH) / RTGS. Currently, the limit for such transactions is restricted to KD 2,000.
Marcus Treacher, the Global Head of Strategic Accounts for Ripple, reposted the original announcement, stating :
“Great to see NBK launch this new market leading payment service powered by Ripple. Super news!”
For additional details on the new cross-border transactions system, visit NBK Direct Remit
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