Kuwait Finance House Group partners with Ripple in cross-border global payments making Ripple to continually dominate as a leader in Blockchain technology.
This is not the first time for Ripple to venture into global remittance in Kuwait as in the year 2018 it joined ventured with the National Bank of Kuwait, one of the largest banks in the Middle East.
The joining of Ripple to the network is intended to facilitate faster and cheaper cross-border payments.
Via its tweeter handle, Kuwait Finance House Group says the transactions will have zero fees and that the “Instant International Transfer” system development has been concluded.
The platform will give customers in the region the ability to send funds using the Saudi Riyal (SAR) to the Al Rajhi Bank.
The launch comes after a rigorous period of trials. Breaking the news to the local media outlets, head of infrastructure innovation at Ripple, Dilip Rao in October of last year said the companies are committed to working together to ensure that the service is created and functions as intended.
“The platform is expected to compete directly with Swift; the traditional money transfer system around the world,” said Dilip.
He further explained that this is a significant achievement as it allows its customers to make money transfers much easier and within seconds at their convenience any time of the day.
“The launch comes as part of our commitment to responding to the needs of our customers whenever they are around the world, providing them with safe solutions and a global presence in 15 countries,” said Mr. Rao.
The launch of xRapid last year opened a new era in banks and cryptocurrency exchanges alongside other payment providers and this sees the Asian region and the Middle East are the next targets for the company that is going head to head with Swift
As Kuwait Finance House Group partners with ripple joining more than 100 other Ripple partnerships, Do you think this will bring forth good fruits for both companies?