Almost seven months after the Kuwait Finance House (KFH) announced that it was joining RippleNet, the bank has confirmed via twitter that it has started providing instant cross-border payments using Ripple technology. The exact Ripple technology being used by KFH has not been clarified at the moment of writing this. The announcement by KFH was as follows:
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 Joining RippleNet Last May
The Kuwait Finance House became the first bank in the country to join RippleNet as announced in a May 2018 press release by the bank. The bank saw RippleNet as the future of international money transfers particularly in unique situations where time was a factor when sending the funds.
About RippleNet and KFH Joining the Network
RippleNet is a global payments network that makes it easy for its 200+ member banks to connect and transact. Member banks and financial institutions can leverage Ripple’s advances blockchain technology to power global payments as well as sourcing instant liquidity by using XRP.
The Ripple website was updated in September last year in a move that showcased RippleNet as the sole payments solution offered by the company. The new website no longer shows the original payment solutions of xCurrent, xRapid and xVia on its home page. This fact led many XRP enthusiasts to believe that RippleNet was the highly speculated convergence solution that summed the three products into one.
If this is the case, it means that KFH has access to all three payment solutions offered by Ripple. Of particular interest to many XRP enthusiasts, is to whether the bank is using xRapid or xCurrent. Out of the two, only xRapid uses the digital asset of XRP directly. Perhaps with time, the Kuwait Finance House will clarify on this matter.
What are your thoughts on the Kuwait Finance House confirming that it has started using Ripple blockchain technology for international remittances? Please let us know in the comment section below.
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