RippleNet User National Bank of Kuwait Ties Up With SWIFT Global Payment Innovation

National Bank of Kuwait(NBK) which has been using the RippleNet for its National Direct Transfer Services. It has announced the launch of SWIFT Global Payment innovation (GPI) on January 3rd. The SWIFT GPI services will be integrated with ACI worldwide’s payment engine for better and faster support.

The National Bank of Kuwait tweeted,

“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.”

NBK started using Ripple’s infrastructure for instant payments, while the latest tie-up with SWIFT GPI is aimed at making same-day transfers and use of the fund for customers. ACI Worldwide has become the first certified vendor of SWIFT’s GPI solutions which would allow its partner NBK to directly plug into the SWIFT’s database to monitor inbound and outbound GPI transactions.

Mohammed Al-Khorafi, general manager, operations group, NBK said,

“ACI’s certified GPI module enabled us to configure ACI’s Money Transfer System and lead as the first bank in Kuwait, and one of the first in the wider MENA region, to become a Swift GPI member bank”

Ripple Labs Believe RippleNet is cover of SWIFT

The global head of Strategic account at Ripple Labs, Marcus Treacher has recently said that RippleNet is a cover of the older version of SWIFT, which makes the recent partnership even more formidable. He explains,

“It’s blockchain technology, it’s a DLT technology. We also have the cryptocurrency XRP in the equation. We have created a banking scheme which we call RippleNet, that is a cover version of the old Swift, of the 21st century.”

Ripple Labs which was voted as the best workplace by the employees, has been on a partnership spree, to make its RippleNet a daily driver in the centralized network of banking systems. Apart from the National Bank of Kuwait, the firm has been trying to find their way into the world banking system, edging Ripple past its peers, when it comes to widespread expansion. Siam Commercial Bank. According to the statement released by the Ripple,

“Using multi-hop, SCB will be able to receive and forward on payment without a bilateral relationship between the originator and beneficiary institutions”

Final Thoughts

Ripple Labs has been at the forefront of making great partnerships with banks creating a series of infrastructure, paving the way for a wider acceptance of its cryptocurrency XRP. With SWIFT coming into the picture, the banks would be able to reap the riches of both Blockchain based instant transactions at a minimal rate and same day transfers.