Kuwait Finance House joins RippleNet

Kuwait Finance House joins RippleNet

TL;DR Breakdown

  • Kuwait Finance House to use RippleNet to process its international transactions to Turkey.
  • The bank is the first institution in Kuwait to adopt the technology. 

One of the oldest banks in Kuwait, Kuwait Finance House, has announced that it would be using Ripple’s international payment processing technology, RippleNet, to carry out instant transactions for its payment into Turkey. This was made known by Kuwait Times, who added that the bank would be the first bank in the country to adopt this new technology.

RippleNet would allow instant transfers to Turkey 

According to the report, Kuwait Finance House is one of the most technologically inclined and advanced banks. And it has a track record of adopting new financial technologies to help it improve its customer’s banking experience. Khaled Yousif Alshamlan, the Group General Manager for Retail Banking, said that the adoption of RippleNet is in line with the bank’s digital transformation goal and that the technology would help the bank to serve its customers better.

Alshamlan added that customers who might want to transfer to Turkey need not worry again as the payment service would allow for instant transfers either for business or personal use. He further went on to say that such transactions would not attract any charges, and customers would be able to enjoy this new service through their mobile app or official website.

Financial institutions are embracing RippleNet 

Financial institutions worldwide embrace Ripple’s payment processing technology as it allows them to carry out transactions more effortlessly and seamlessly for their customers. Banks, most significantly, have embraced this technology.

Recently, a RippleNet powered application, MoneyTap, was announced to sign up 20 banking institutions in Japan. However, the app was first going to connect three banks before the end of this month.

It was stated that the overall goal of the MoneyTap app is to sign up all members of the Japan Bank Consortium. The app was developed through a joint partnership between Ripple Labs and SBI Holdings in 2016.

 

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