The American startup Ripple offers various payment solutions for large and small companies worldwide to optimize cross-border payment channels. This potential has been recognized by the ABK and will result in future cooperation.
One of the largest banks in Kuwait, Al Ahli Bank (ABK), has entered into a partnership with Ripple to make payments faster, cheaper, safer and more transparent to its customers. This should shrink the transaction times from a few days to a few minutes:
ABK will integrate Ripple’s enterprise blockchain technology into its existing services to provide immediate confirmation to its customers at the back of a secure infrastructure. The bank said its clients could now send important funds to family, friends and relatives faster and more efficiently
ABK joins RippleNet, a growing global network of leading financial institutions and payment providers that see great potential in Ripple’s bespoke software solutions. RippleNet now has more than 200 members and, according to the company, new partnerships are signed every week to drive the adoption and adoption of fast payment channels.
“Navin Gupta, Managing Director, South Asia and MENA at #Ripple, added:” We look forward to supporting ABK’s ongoing efforts to improve its digital banking services. “Https: / /t.co/LG0MMvpt6O – 🐼PandaRippleXRP🐼 (@RipplePandaXRP) February 14, 2019
So far it has not been announced which payment solution will be used. The big difference here is that xRapid relies on and uses Ripple’s native token, XRP, to quickly move money from A to B. xCurrent, however, also allows fast transactions, near real-time, at very low fees, but does not use XRP. Just a few weeks ago, Ripple Wale’s assets totaling over $ 750 million moved to just a penny.
In November of last year, Ripple started to set up an office in the United Arab Emirates in order to better control business activities and to be present locally. Quite a few days ago, the central bank of Saudi Arabia announced that it was working on integrating xCurrent to accelerate credit transfers to other countries and provide better terms.