Kuwait Finance House (KFH), one the oldest and main bank of Kuwait, has transferred money to Turkey using Ripple’s payment technology. In a transaction using RippleNet technology, money was transferred instantly.
According to the Kuwait Times, it is now possible to transfer money from Kuwait to Turkey through RippleNet. According to the management of Kuwait Finance house, people can make instant money transfers 24/7 to Turkey, using KFH’s website and mobile app without paying any transaction fees.
Kuwait Finance house one of the first banks in Kuwait to start using RippleNet technology. Khaled Alshamlan, a senior executive at kFH, explained that thanks to this technology, money transfers abroad can be completed more effectively.
Alshamlan stated that transactions with RippleNet are low cost and reliably. KFH now allows its customers in Kuwait to instantly send money to Turkey with RippleNet. This service will cover personal payments and business transactions.
These transactions can be performed through the kFH online portal on the company’s site, as well as through the bank’s ioS and Android apps.
Group General Manager Retail Banking at KFH, Khaled Yousif Alshamlan said:
Financial institutions can send payments anywhere instantly, reliably and cost-effectively by joining Ripple’s growing, global network
RippleNet. as this service improves and facilitates customers’ cross border payment methods through trusted global banks network, maximizing the role of blockchain instant payment in providing best service as per highest quality standards.
RippleNet technology, developed by Ripple, allows corporate companies such as banks to make transactions faster and cheaper compared to normal. RippleNet, available globally, is currently used by more than 300 institutions, including Moneygram and Standard Chartered.