The Kuwait Finance House (KFH), one of the largest Islamic banks in the world, made an exciting announcement.
Using Ripple’s technology
The company tweeted that they are launching an instant cross-border remittance service that will use Ripple’s tech.
The zero fees service called Instant International Transfer in the tweet is currently available.
Through it, customers will have the ability to make remittance transactions in Saudi Riyal (SAR) to the beneficiaries at Al Rajhi Bank.
This significant announcement comes right after an extended trial period and basically, it marks its success.
Back in October, Dilip Rao, Ripple’s global head of infrastructure stated that the Chairman of Kuwait Finance House said that the company was working with Ripple.
KFH and Ripple tested a service to compete with SWIFT
They were testing a service that will compete directly with SWIFT.
As you all know, Ripple and SWIFT have been intensively competing, and just recently Cory Johnson addressed the subject.
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
The system is outdated and flawed and what Ripple is trying to achieve via its solutions is address all the flaws featured by SWIFT.
It’s not clear whether KFH will use xCurrent or xRapid
KFH was the Arab nations’ very first banks that decided to join Ripple’s network for international remittance payments, RippleNet.
They have not disclosed by now whether they are using xCurrent or xRapid.
xCurrent is Ripple’s enterprise software solution that lets banks settle cross-border payments instantly with end-to-end tracking.
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.