The National Bank of Kuwait (NBK) has officially announced the partnership with crypto-related project Ripple (XRP) in order to improve its cross-border payment system.
The announcement states NBK is using RippleNet’s enterprise blockchain tech in order to provide customers with "a frictionless remittance experience and fast cross-border money transfer solutions."
RippleNet is a decentralized global network of banks and payment providers which make use of Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.
The CEO and Group Head of operations and IT for NBK, Dimitrios Kokosioulis, says Ripple’s tech is "a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day."
"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 said.