- KFH completes “Instant International Transfer” system development.
- Customers to send funds in Saudi Riyal (SAR) to the Al Rajhi Bank.
Ripple’s blockchain continues to set the pace in cross-border payments across the world. The latest support comes from Kuwait Finance House Group, one of the leading Islamic banks in the region which has announced the launch of Ripple powered international remittances.
The firm announced via a tweet that said that the transactions will have zero fees and that the “Instant International Transfer” system development has been concluded. The platform will give customers in the region the ability to send funds using the Saudi Riyal (SAR) to the Al Rajhi Bank. The launch comes after a rigorous period of trials.
The news of the collaboration with Ripple was first mentioned by the head of infrastructure innovation Dilip Rao at Ripple in October last year. The companies committed to work together to ensure that the service is created and functions as intended. The platform is expected to compete directly with Swift; the traditional money transfer system around the world. Mr. Rao said at the time:
“Chairman of Kuwait Finance House @KFHGroup_Eng ‘we are working with @Ripple and tested a service that challenges incumbents like #Swift’ #GIES2018.”
According to Kuwait Finance House:
“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.”
Ripple is making great strides with its blockchain solutions. The launch of xRapid last year opened a new era for both banks and cryptocurrency exchanges alongside other payment providers. The Asian region and the Middle East are the next targets for the company that is going head to head with Swift.
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