Ripple continues to expand its services among companies all over the world. This time, Kuwait Finance House announced the launching of a new remittance service that leverages Ripple’s technology. The information was released a few days ago by the financial institution.
Ripple’s New Partner
According to Kuwait Finance House (KFH), Ripple is powering an instant cross-border remittance service that uses Ripple’s blockchain technology. The new service is called Instant International Transfer and it would allow users to send Saudi Riyal (SAR) with customers using the Al Rajhi Bank.
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
KFH explains that the service will also expand to other countries in the world. On the matter, the financial institution wrote:
“This service will expand to encompass most of the world countries in different currencies. KFH customers can make instant and secure zero fees remittances through their accounts in kfh.com.”
Back in December 2018, the National Bank of Kuwait (NBK) announced another service linked to Ripple as well. NBK Launched the NBK Direct Remit service that uses Ripple’s xCurrent payment solution. The intention is to perform cross-border payments and transactions in a fast and cheap way.
Ripple continues to expand with banks in the Middle East and other regions around the world. The company aims at increasing the number of participants in their network and reduce transaction costs and times.
A few days ago, we wrote at UseTheBitcoin that Cory Johnson, the Chief Market Strategist at Ripple, mentioned that Amazon could benefit from Ripple’s products. These kinds of companies would not have to manage expensive nostro and vostro accounts around the world if they would use Ripple’s products.
Ripple Labs has already partnered with more than 150 different financial companies all over the world. In the future, this number is expected to keep growing as institutions discover the benefits of using a wide range of products offered by Ripple.
Additionally, Cory Johnson has also mentioned that Ripple is meant to be a replacement for SWIFT. SWIFT is the current services provider for cross-border transactions around the world. However, it is very expensive and slow to use, this is why Ripple is offering similar but enhanced services and products.
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