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Deal to offer instant cross-border payments service
KUWAIT CITY, May 29: The National Bank of Kuwait (NBK) continues to introduce innovative and the newest technology solutions to meet the needs of customers, having partnered with RippleNet to offer customers a fast, safe and convenient cross-border payments service, and making NBK the first bank in Kuwait to join the growing network of RippleNet globally.
NBK’s RippleNet solution brings innovation to the fundamentals of international remittances since the bank is in the process of applying this service in Kuwait as well as in its branches abroad after obtaining the necessary approvals from the regulatory bodies, led by the Central Bank of Kuwait. NBK Deputy Group CEO Sheikha Al-Bahar said: “We are delighted to join RippleNet and access the fastgrowing network that connects the network members and other financial institutions.
This solution will improve our customers experience dramatically where we will be able to provide instant fund transfers with end-to-end tracing and tracking solutions which is available currently in global and some GCC markets including UAE and Saudi Arabia.
This is also in-line with National Bank of Kuwait (NBK) strategy to adopt the latest technologies which mutually benefits both the bank and our esteemed clients.” “This announcement represents NBK commitment to adopt the latest practical solutions and reflects our ability to transform NBK to digital bank with world class services and solutions, and yet we are still maintaining our corporate identity and without affecting our regulatory compliance,” Al-Bahar added.
Managing Director of Southeast Asia and MENA, Ripple, Navin Gupta said: “We are glad to have NBK join our network as the first banking partner in Kuwait. It holds a reputation of providing innovative services that comply with international standards all while ensure safe transactions to their customers.
This agreement will enable NBK to use innovative blockchain technology to support speed and secured remittances both for domestic & international destinations.” “By joining Ripple’s growing, global network, financial institutions like NBK can process their customers’ payments into and out of Kuwait instantly, reliably and cost-effectively, as well as expand their payments solutions into new markets — including those that are otherwise too difficult or expensive to reach,” he added.
“With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple already has more than 140 customers around the world. Joining RippleNet enables banks to process cross-border payments in real time with end-to-end tracking and certainty of settlement,” Gupta said.
National Bank of Kuwait continues to collectively enjoy the highest credit ratings from the three international rating agencies — Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the twelfth consecutive year.
NBK Group has the widest banking presence in four continents worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey. For more information about the latest technology solutions and services offered by NBK, please visit: NBK.com