National Bank of Kuwait Officially Launches Ripple’s xCurrent-Based Payment Solution

National Bank of Kuwait (NBK) has recently announced that they are officially launching RippleNet-reliant NBK Direct Remit. The first bank in Kuwait also specified in the announcement that it is a financial service that currently offers transfers to Jordan. In addition, in further plans the financial giant highlights to extend and add more services and countries to its radial.

The official announcement was made on December 26 by NBK on their official Twitter page. The message reads: “for the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan”.

The bank also specified that the new service is available for all NBK Customers who have access to NBK Online Banking. The main advantages of the new service include the opportunity for the customers to make use of an innovative, secure and reliable remittance service, the first of its kind in Kuwait.     

The online banking services are reportedly available 24/7. It has the objective to make remitting funds easy and convenient for their customers.   

The recent announcement by the company also clarified that direct remit to NBK to Jordan is worth KD 1 per transaction. Meanwhile direct remit to other banks in Jordan is KD 5 per transaction. “The seamless service is instant and cheap, solving age-long problems encountered in the remittance industry”, concluded the announcement.

Partnership With Ripple

National Bank of Kuwait announced its partnership with Ripple back in October this year. In the earlier statement on the partnership the company stated that they intend to use Ripple’s xCurrent product in order to build their planned payment solution.

NBK is estimated to have largest branch network in the country. It has more than 60 branches across Kuwait serving customers from different locations within the country and abroad.  


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