{"id":111802,"date":"2018-12-29T11:05:38","date_gmt":"2018-12-29T08:05:38","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/kuwait-bank-taps-ripple-for-online-banking\/"},"modified":"2018-12-29T11:05:38","modified_gmt":"2018-12-29T08:05:38","slug":"kuwait-bank-taps-ripple-for-online-banking","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/kuwait-bank-taps-ripple-for-online-banking\/","title":{"rendered":"Kuwait Bank Taps Ripple For Online Banking"},"content":{"rendered":"

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The National Bank of Kuwait<\/a>\u00a0(NBK) has announced that it will incorporate RippleNet blockchain<\/a> into its online banking platform, offering 24-hour wire transfers to Jordan, with more countries being added soon.<\/p>\n

NBK Direct Remit<\/a> allows for\u00a0instantaneous money transfers around the clock.\u00a0It will cost customers KD 1 ($3.29 USD) per transaction when transferring to NBK Jordan, and KD 5 when transferring to other banks in the country. Transfers to NBK Jordan accounts will receive instant credit, while funds sent to other banks will go through Automated Clearing House (ACH).<\/p>\n

This is just the latest partnership for Ripple<\/a>, which now services more than 100 financial institutions (FIs).<\/p>\n

\u201cWe are pleased to announce that\u00a0Bexs Banco,\u00a0AirWallex,\u00a0Credit Agricole,\u00a0Cuallix,\u00a0Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and\u00a0TransferGo, among others, have joined RippleNet,\u201d the company said in a statement earlier this year<\/a>. \u201cThe newest members can count themselves among SBI Remit, SEB and Siam Commercial, [which] also use RippleNet to send cross-border payments.\u201d<\/p>\n

Earlier this month, Ripple partnered<\/a> with\u00a0UAE Exchange<\/a>, the United Arab Emirates-based\u00a0company, to offer\u00a0cross-border remittances to Asia using blockchain\u00a0technology.<\/p>\n

\u201cBlockchain holds tremendous promise for the industry, but there is progress to be made before we see it go fully mainstream,\u201d said UAE Exchange CEO Promoth Manghat.\u00a0\u201cWe expect to go live with Ripple by Q1 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.\u201d<\/p>\n

Also in December, it was revealed that Ripple has teamed up<\/a> with\u00a0NEM, Fetch.AI, and EMURGO\/Cardano to create Blockchain for Europe, which is focused on promoting the understanding of the technology, and the \u201ctrue nature\u201d and potential of blockchain.<\/p>\n

\u201cRipple is delighted to be a founding member of Blockchain for Europe,\u201d said\u00a0Ripple<\/a>\u00a0Head of Regulatory Relations Dan Morgan. \u201cThis is a critical time for policymakers in Europe, as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.\u201d<\/p>\n

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