The National Bank of Kuwait which is the first bank in Kuwait has announced its intention to incorporate RippleNet blockchain in its online banking. It now offers twenty-four hours transfer service to Jordan, with plans to add other countries soon.
This service will be available to all its customers who can access online banking 24/7, a first of its kind, reliable and secure service. It will enable customers to perform transactions in the simple direct step of logging in to online banking to register and transfer money to recipients.
This direct remittance is actually packaged to serve the Jordan area, it costs just KD 1 per transaction when transferring to NBK Jordan and KD 5 when transferring to other banks in Jordan. This package has eliminated all the remittance bottlenecks that have been bugging the Jordan area replacing it with stress-free, cheaper and faster transfer service.
Conditions to transferring money to NBK Jordan and other banks states that there will be instant credit when funds are transferred to NBK Jordan accounts. Transferring to other banks will go through Automated Clearing House (ACH) /(RTGS), taking into consideration, the local bank working hours and public holidays.
The NBK started its plan to partner with Ripple since October, using RippleNet is now a prove that the partnership with Ripple is a favorable one. Ripple blockchain technology is gaining a lot of favor from banks all over the globe, this goes a long way to strengthen Ripple and widen its coverage.
Ripple is in a strong move to take over the payment processing business with its decentralized blockchain technology. Most of the banks that signed on with Ripple to use its decentralized financial tools have the same testimony that all their payment bottlenecks have been taken care off.
This goes in line with what Ripple CEO said that Ripple is taking over, more banks are ready to sign on with the rapidly progressing platform.