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The National Bank of Kuwait (NBK), the first local bank and the first shareholding company in Kuwait, has announced the launch of a cross-border payments service powered by Ripple’s blockchain technology.
In May 2018, NBK confirmed that it joined RippleNet, and said that it was the first bank in Kuwait to join Ripple’s growing blockchain network. The partnership aimed to offer customers “a fast, safe and convenient cross border payments service.”
In a recent tweet, the bank has announced the launch of “NBK Direct Remit”:
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. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd
— National Bank of Kuwait (@NBKPage) December 26, 2018
The service currently allows transfers to Jordan and will soon add services to more countries.
According to the details, NBK Direct Remit is available for all NBK Customers with access to NBK Online Banking. For direct remit to NBK – Jordan, it charges KD 1 per transaction, while to other banks in Jordan it charges KD 5 per transaction.
“The default limit is capped at KD 2,000 – it can be increased through NBK Online Banking,” NBK said.
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