Another Bank Launches Ripple Based Cross Border Payments: What Does This Mean For The Platform?

Ripple’s technology has proved to be a magnet for esteemed financial institutions across the world. In this year alone, Ripple has made numerous collaborations with banks and other traditional institutions, to garner widespread recognition for their payments system.

Adding to its list of partnerships, comes a recent one that is making headlines.

The National Bank of Kuwait (NBK) has partnered up with Ripple, to launch a cross-border payments system, based on RippleNet’s blockchain technology.

Previously, Ripple Joined Forces with UAE Exchange To Start A New System of Payment Next Year. This new partnership is one that would benefit the already impressive repertoire of Ripple’s collaborations.

The NBK is one of Kuwait’s oldest banks and it is the largest financial institution of the country, in terms of assets. As per the reports of the previous year, the bank has assets worth $86.3 billion.

The remittance product that NBK has implemented is called “NBK Direct Remit” and it is one of the first such products in Kuwait. It is based on RippleNet’s blockchain technology and will facilitate international live payments.

Cross border payments desire speed, and that is exactly what Ripple promises to provide. Through its technology, payments can be made in a quicker manner.

NBK’s deputy CEO of group operations and technology, Dimitrios Kokosioulis, has said that the blockchain-based solution will allow the bank’s customers to “make money transfers within seconds” and “anytime of the day.”

The service is also scheduled to be made available in Jordan, and the bank has further plans of expansion.

This new collaboration will effectively affirm Ripple’s current market dominance. The series of partnerships that it is forging, will help drive up the platform’s XRP token prices, and potray a positive image to investors.

In our piece Will Ripple be a Good Investment in 2019?, we have already explored how such tie ups help in restoring investor faith in the product and ensure that it is here to stay for the long term.