As a RippleNet User, Bank of Kuwait Ties Up with SWIFT Global Payment Innovation

National Bank of Kuwait (NBK) uses RippleNet for its National Direct Transfer Services. It announced on January 3, the launch of SWIFT Global Payment Innovation (GPI). SWIFT GPI services are integrated with ACI worldwide payment engine for better and faster support.

Kuwait National Bank Tweet,

"For the first time in Kuwait: Send money immediately with NBK Direct Remittance. Log into NBK Online Banking using RippleNet's Blockchain technology. The NBK Direct Remote is currently available to Jordan."

The NBK has begun using the infrastructure for immediate payouts, while the newest tie-up users with SWIFT GPI is intended for same day transfers and funding for customers. ACI Worldwide became the first certified seller of SWIFT's GPI solutions, which allows its partner NBK to directly monitor internal and outbound GPI transactions in SWIFT's database.

Mohammed al-Khorafi, General Manager, Operations Group, NBK said,

"ACI’s certified GPI module enabled us to configure ACI’s Money Transfer System and lead as the first bank in Kuwait, and one of the first in the wider MENA region, to become a Swift GPI member bank"

Ripple Labs Believe RippleNet's cover of SWIFT

According to Marcus Tracheer, the international head of the strategic account in the habit of lap recently partnership is much more powerful than the old version of SWIFT. He explains,

"It’s blockchain technology, it’s a DLT technology. We also have the cryptocurrency XRP in the equation. We have created a banking scheme which we call RippleNet, that is a cover version of the old Swift, of the 21st century."

Ripple Labs, which is best served by employees, is on a partnership slot to turn its ripplenet into a daily network in the banking system-centric network. Along with the National Bank of Kuwait, it attempts to find its company in the global banking system, spending its companions when it comes to a wider expansion. Siam Commercial Bank. According to the release of the ripple statement,

"Using multi-hop, SCB will be able to receive and forward on payment without a bilateral relationship between the originator and beneficiary institutions”

Final Thoughts

Ripple Labs has been at the forefront of making great partnerships with banks creating a series of infrastructure, paving the way for a wider acceptance of its cryptocurrency XRP. With SWIFT coming into the picture, the banks would be able to reap the riches of both Blockchain based instant transactions at a minimal rate and same day transfers.

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