Home News National Bank of Kuwait has implemented a blockchain-based international remittance system

National Bank of Kuwait has implemented a blockchain-based international remittance system

The National Bank of Kuwait (NBK) announced the launch of NBK Direct Remit – a system allowing for real-time international remittances. According to the statement made by the country’s largest financial institution on Thursday, December 27, the system is powered by RippleNet’s blockchain technology.

The new service enables customers to conduct fast cross-border transactions in 24/7 working mode.

“This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day,” – Dimitrios Kokosioulis, the Deputy CEO for Group operations & Technology at the national bank commented on the matter.

The press release reads that the bank plans to further expand its services in order to meet the demand from its growing clientele.

“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,” – Kokosioulis added.

According to the official, the new remittance service will also be available in Jordan and several other countries. As noted by Marcus Treacher, the SVP of Customer Success at Ripple, the NBK will further cooperate with the blockchain platform to enhance and diversify its services.

According to Kokosioulis, the new remittance service will also be available for customers to make live payments to Jordan, with the bank planning to enable live payments to other countries soon.

“The National Bank of Kuwait… is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world,” – Treacher said.

Earlier this month, the governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced CBK’s plans for launching the Kuwait National Paymnet System (KNPS), which is to comprise various elements, including electronic banking system, wages protection system, digital currency, and automated clearing house. Al-Hashel also stressed Kuwait’s eagerness to join the global trend for launching national cryptocurrencies backed up by related infrastructure.