National Bank of Kuwait (NBK) has joined Ripple’s blockchain-based payments network seeking faster cross-border money transfers.
The bank announced Thursday that it has launched a new remittance service, dubbed NBK Direct Remit, that enables “immediate” blockchain-based payments using Ripple technology.
The service is launching with a remittance corridor to Jordan only, but is expected expand to more countries in the near future, the bank said in a statement. NBK has a presence in China, Geneva, London, Paris, New York and Singapore, and regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE.