One Bank In Kuwait Just Adopted Ripple’s Instant Cross-Border Payments Technology

The Kuwait Finance House (KFH) is the name of the first bank to join RippleNet which is an enterprise blockchain network from the industry giant Ripple for international remittance payments.

The news comes from an announcement by the Kuwaiti bank, confirming its official move to join RippleNet which is a SWIFT-replacement global blockchain network that has more than 100 financial institutions including banks, payment providers, remittance operators and other financial institutions all using the product for real-time sending and settlement of international transactions.

Meanwhile, KFH, which is an Islamic-first bank in Kuwait, underlined its intention to use Ripple’s ‘tool’ for cross-border payments to its retail customers. Thanks to this technology, KFH can provide instant and secure cross-border money transfers in seconds, with high end-to-end visibility as the payment settles.
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Currently, many people are waiting to see if the bank is going to adopt Ripple’s xCurrent (which is an enterprise blockchain software that enables settlements in fiat) or Ripple’s xRapid which is a product which uses XRP for real-time liquidity for international transactions.

What we do know, however, is the fact that the bank will require the approval of the Central Bank of Kuwait (CBK) before the launch of the Ripple-enabled service. Once that is settled, however, KFH’s customers will benefit from the instant payments and increased efficacy.