A Kuwaiti bank announces a payment service powered by Ripple technology
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Answer A Kuwaiti bank announces a payment service powered by Ripple technology
announce Kuwait Finance House Bank (KFH) which is among the leading banking institutions in Kuwait announced a Ripplenet-backed payment service directed towards Turkey.
Kuwait Finance House Bank had previously announced a partnership with Ripple two years ago and is considered one of the first Arab companies to adopt Ripple technologies. The partnership was announced in May 2018 and the first transaction via Ripple was issued in August 2018.
With the increasing demand for cross-border payments offered by KFH Bank, which are fast, more efficient and less expensive
The bank has now announced that KFH customers can start making direct financial transactions to Turkey using RippleNet technology.
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According to Mr. Walid Mandani, Head of Retail and Private Banking at KFH, the bank has completed all the necessary procedures and necessary technical tests before launching the service.
Mandani acknowledged the ability of the Ripple Net technology by saying:
The instant foreign transfer service through the RippleNet network will initiate instant, reliable and cost-effective payments.
Kuwait Finance House’s need for the “Ripple Net” service:
According to “Mandani”, the increasing needs of the bank’s customers to make instant transfers to Turkey for personal and investment purposes requires the “Ripple Net” service.
He added that it will be a free service for customers and will be available every hour and every day of the week on the official website of the Kuwait Finance House or through an application on the Android or IOS system.
Benefits of KFH’s partnership with RippleNet:
Mandani stressed the benefits of KFH’s partnership with RippleNet.
He said that it will enhance KFH’s leadership in implementing the digital transformation strategy and will further enhance the bank’s goal in enhancing its investments in the field of financial technology and digital banking services.
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