Kuwait Finance House has become the first bank to associate with RippleNet. It is a venture of Blockchain network from the industry giant Ripple for an international remittance payment. This news was confirmed by the Kuwaiti bank and is moving ahead to join RippleNet.
RippleNet is a network of institutional payment providers such as bank-like MSB etc which uses the solutions developed by Ripple. Basically, it a payment-tech company which develops software-based solutions for incorporating the capabilities of XRP and other open-source blockchain techs. The members of RippleNet can utilize Ripple software to clout XRP and enhance its liquidity.
KFH is Kuwait’s first Islamic Bank which has a motive to utilize Ripple’s unique tool for cross-border payments. It records real-time clearing and settles for international transactions. KFH is in the view to supply instant and secure cross-border money transfers. KFH seeks to use Ripple’s xCurrent, it is enterprise blockchain software which avows agreements in fiat or xRapid.
As per Ashish Birla, the senior vice president for a product at Ripple says that xRapid has the potentiality to curtail the costs and time required to make international payments. xRapid explores the competence of customers and allows payment service providers to achieve a profit in a competitive advantage in the market.
Ripple Global network at ninth cloud
This is a just a step taken by global blockchain network to seek over 100 financial institutions such as banks, payment providers, remittance operators and other financial institutions. The bank demands the consent of Central bank of Kuwait before operating the Ripple services in the system.
Earlier, a Central Bank of Saudi Arabia, the Saudi Arabian Monetary Authority has cooperated with Ripple to pilot Ripple’s xCurrent in several regional banks. The SAMA is the first central bank to join with RippleNet.
Now focusing on a UAE-based RAK Bank is known as the National Bank of Ras Al-Khaimah became a member of RippleNet in September. It enables instant, frictionless and secure money transfer service to beneficiaries with accounts in India’s Axis Bank as a Ripple Net member.