Announced on twitter today, Kuwait Finance House or KFH is set to begin the operation of an ‘instant cross-border remittance service using Ripple’s underlying technology.
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
KFH first appeared on the bulletin in late 2018 with the announcement of future plan to use RippleNet for international transfers. However, on January 07, 2019, it breaks out the mainstream by announcing that they are finally beginning the ‘financial operating’ employing Ripple’s blockchain.
Launched in 1977, Kuwait Finance House is the first Islamic bank in the state of Kuwait and the pioneer bank involving with blockchain era. The bank will have ‘zero fees instant international transfer service’ with Saudi’s fiat currency, Saudi Riyal (SAR) wherein customers can proceed remittance transactions to the beneficiary account at AL Rajhi Bank, the world’s largest Islamic bank by capital based on 2015 data.
Moreover, the team also revealed the expansion plan of the service;
This service will expand to encompass most of the world countries in different currencies. KFH customers can make instant and secure zero fees remittances through their accounts in https://t.co/MvlRltl6zx.
— Kuwait Finance House (@KFHGroup) January 6, 2019
Although it wasn’t confirmed whether the bank will choose xRapid or xCurrent or RippleNet in today’s announcement. However, it is important to note that the KFH in may 2018 has released a blog post wherein it has mentioned that the KFH will be the first bank to join RippleNet for cross-border instant payment.
Stay tuned with ripplecoinnews to know more about the KFH’s further decision
Ripple’s instant settlement procedure has already gotten the mainstream attention since last year. Not only Kuwait Finance House, but there are also endless global players in the list that are eyeing to adopt Ripple’s product and digital token, XRP.
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