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National Bank of Kuwait Launches Ripple-Based Cross-Border Payments Product

The National Bank of Kuwait (NBK) has launched a cross-border remittance product based on RippleNet’s blockchain technology, according to an announcement published Dec. 27.

The NBK has reportedly become the first financial establishment in Kuwait to implement a remittance product — “NBK Direct Remit” — for international live payments based on RippleNet’s blockchain technology. The product will purportedly speed up cross-border money transfers.

Dimitrios Kokosioulis, the deputy CEO of group operations and technology, said that the blockchain-based solution allows the bank’s customers to “make money transfers within seconds” and “anytime of the day.” Kokosioulis added that the service will also be available in Jordan, and will subsequently expand to other countries.

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