Kuwait Finance House (KFH) announced yesterday the collaboration with Ripple, in which the Kuwaiti Bank will use RippleNet for cross-border remittances.
Commenting on his decision, representatives of the Bank stated:
“Using this technology, KFH will be able in seconds to provide instant and secure international payments are fully traceable from the beginning to the end of the movement of funds”.
It is not known whether KFH to use xRapid (solution for providing liquidity in real time) or xCurrent (a commercial settlement transfers in Fiat money).
For the product launch Kuwait Finance House requires the approval of the Central Bank of the country, but now KFH claims that its customers will benefit from the implementation of the system of quick payments, high efficiency, security, transparency, and lower transaction fees than the usual financial intermediaries.
Kuwait is the fourth country of the League of Arab States, in which at least one financial institution uses technology Ripple. In September last year to RippleNet joined the national Bank of the Emirate of RAS al-Khaimah RAK Bank. In February, the ranks of partners Ripple joined Forex firm UAE Exchange.
De-facto Central Bank, bordering Kuwait, Saudi Arabia, The Saudi Arabian Monetary Authority (SAMA), became the world’s first Central Bank to implement xCurrent. At the beginning of may to RippleNet also joined Bank of Oman BankDhofar.