Ripple – another settlement service to be used by National Bank of Kuwait

National Bank of Kuwait (NBK) has disclosed another settlement service utilizing RippleNet’s blockchain technology.

While the “NBK Direct Remit” service utilizes RippleNet, it doesn’t use XRP, the organization’s native token.

In an announcement, NBK told that NBK Direct Remit has been structured as a quick settlement service accessible nonstop for clients.

Deputy CEO, group operations and technology,Dimities Kokosiolis said, “This service is a significant achievement as it enables our customers to make money transfers within seconds, easily and at their convenience anytime of the day.”

Right now, NBK said that the service is accessible for clients to make live installments to Jordan, however will soon be stretched out to different countries.

Marcus Teacher, Ripple’s SVP, client achievement, said that the organization considers NBK an “important partner in the region.”

He said, “We’re excited that they have begun moving live payments across our blockchain network on behalf of their customers.”

He added, “We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.”

Ripple has just joined forces with various banks and organizations around the area to utilize its blockchain innovation for instant payments or settlements, involving RAKBANK and UAE Exchange, which in February reported it will utilize RippleNet to provide real-time settlement services to various banks in Asia.

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