The NBK stands for National Bank of Kuwait which came into existence in 1952. Moreover, it is the initial local bank and shareholder firm in the Persian Gulf area and Kuwait. Also, NBK is the largest financial organization incorporating efficient market dominance within the commercial banking market.
The market stat says it possesses the largest visibility in the country holding 68 branches. They have initiated enhancing the growing international representation by piling up a majority of 143 branches around the space.
This new releasing blockchain payment service- National Bank of Kuwait Direct Remit, enables money transfers to Jordan. They are planning to add their services to the majority of the countries. This payment service is accessible for every National Bank Kuwait customers along with the availability to NBK online banking.
“The seamless service is instant and cheap, therefore, solving age-long problems encountered in the remittance industry,” says the bank.
NBK Direct Remit is using the blockchain solution at Ripple- xCurrent. This service let banks to immediately settle cross-border payments via end-to-end tracking. Moreover, it enables bank authority to text messages in real-time.
Now, users can assure the payment details before starting a transaction and validate after delivering about the settlement. xCurrent consist of a Rulebook in collaboration with the RippleNet Committee. They confirm the legal clarity with operational consistency for every single transaction.
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