The National Bank of Kuwait Becomes Member of RippleNet

The National Bank of Kuwait (NBK) will be a new member of RippleNet. This is the first financial institution in the country to introduce the NBK Direct Remit payment solution using RippleNet. The information was released by the bank in a recent statement. Ripple continues to expand with new financial institutions all over the world.

RippleNet Has a New Firm
RippleNet has now a new company using its services. The National Bank of Kuwait has decided to join the decentralized network for banks. RippleNet will allow the firm to provide frictionless remittances for the bank’s customers.

Ripple has been working on different services and products that allow companies to send and receive cross-border payments in just a few seconds and for a fraction of the fee in traditional systems.

Mr. Dimitrios Kokosioulis, Deputy CEO Group Operations and Technology at NBK, said:

“This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience any time of the day. The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.”

The new NBK Direct Remit services will be available at any time (24/7) and it will also offer fast remittances to its users. The NBK is also planning to launch other innovative solutions and meet the demand of its clients.

He went on explaining that the Kuwaiti financial institution introduced other products such as QuickPay, NBK Tap & Pay, biometric cards, and many others.

Marcus Treacher, the senior vice president of Customer Success at Ripple Labs commented that the NBK is an important partner in the region. He has also explained that they will continue working with RippleNet partners and NBK to connect customers from all over the world.

NBK plays an important role in the nation since it is one of the largest institutions in the country. At the same time, the company has the highest credit ratings among local banks. Ripple continues to expand in the Middle East and Asia connecting new customers with other financial institutions around the globe.

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