KFH Launches Cross-border Payment Services on RippleNet

News / 01.02.2021

Kuwait Financial House (KFH) has launched a cross-border payment service using RippleNet technology. This, according to the bank is part of its commitment towards adopting the latest financial technology to enhance customer banking experience. 

As per the report, the cross-border payment service was developed to perform instant transfers to KFH-Turkey. KFH revealed that customers would be able to perform instant transfers to Turkey with zero transaction fees. Besides, KFH also plans to roll out the payment service to other countries with a banking presence. The Ripple-based solution has also been integrated into the bank’s systems and is available on both web and mobile apps.

KFH Retail Banking Chief Khaled Yousif Alshamlan spoke about the development of the cross-border service on RippleNet.  According to Alshamlan, KFH was one of the first Kuwaiti banks to join RippleNet due to its unique service. He pointed out that RippleNet offered cross-border solutions using blockchain technology that followed the highest industry standards. “Financial institutions can send payments anywhere instantly, reliably and cost-effectively by joining Ripple’s growing, global network RippleNet,” He added. 

Ecosystem Continues To Grow Despite Sec Lawsuit

Despite its legal woes with the U.S SEC, the Ripple ecosystem grows with new partners and developments. Ripple was hit with a lawsuit in December by the SEC, which alleged that two of its executives had raised $1.3 billion through unregistered digital asset security offering. 

Although the native currency of XRP suffered a major hit with delistings and a drop in value, the RippleNet ecosystem continues to grow with more financial firms joining and deploying solutions. Ripple recently announced that RippleNet had a very successful 12 months of operations. According to the report, RippleNet processed nearly 3 million transactions in 2020, which was 5X the volume recorded in 2019. 

 RippleNet is one of the biggest growing financial networks with more than 100 partner organizations. The deployment of cross-border payment service by KFH shows the confidence banking firms have in RippleNet. 

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.