The National Bank of Kuwait (NBK) has joined the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details based Ripple payment network, seeking faster cross-border remittances, as reported by CoinDesk.
On Thursday, December 27, the bank officially announced the launch of a new money transfer service. The blockchain solution for cross-border payments is called NBK Direct Remit. From statements by representatives of the bank, the new payment system allows for "immediate payments based on the blockchain using Ripple technology".
Ripple cooperation with the NBK
Now, the service has opened a digital financial corridor to Jordan. It is expected that in the next few months it will cover even more countries and regions. Recall that the NBK has offices in China, Geneva, London, Paris, New York and Singapore, as well as in regions in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and the United Arab Emirates.
The NBK charges a fee of 1 KWD, Kuwaiti dinar ($ 3.29) for each transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details from Jordan (if funds are sent to its local branch). For customers using other banks, it will charge 5 KWD (US $ 16.47) per transaction. The limit for transactions is limited to 2000 KWD (US $ 6,586).
"(...) Our company has already started making first payments in real time through the blockchain network on behalf of the NBK clients" – Marcus Treacher, vice president of customer service at Ripple.
The NBK joins a growing number of financial institutions around the world that use the Ripple payment system. Recall that recently the Malaysian banking group CIMB, the South Korean crypto-exchange Coinone, the American banking giant PNC, and the money transfer company UAE Exchange, have also started using the Ripple blockchain.
The National Bank of Kuwait began to use the Ripple payment system, while, as stated by bank employees, the first hundred transactions were carried out in the first hours after launch.
Editor: Pereyidenko Ihor