Kuwaiti bank signs Ripple deal to speed up payments

Al Ahli Bank of Kuwait (ABK) has announced its partnership with financial technology firm Ripple to enable instant cross-border payments for its customers in and out of Kuwait.

ABK said it will be one of the few financial institutions in Kuwait to reduce transaction times from days to a few minutes for its customers as part of the agreement.

ABK will integrate Ripple’s enterprise Blockchain technology into its existing services to offer its customers immediate confirmations, on the back of a secure infrastructure.

The bank said its customers will now be able to send vital funds to family, friends and loved ones faster and more efficiently.

Through this partnership, ABK will join Ripple’s network RippleNet, a decentralised global network of banks and payment providers.

This growing network aims to allow customers from different banks to make payments globally with speed and assurance of receipt.

Somnath Menon, group chief operating officer at ABK said: “This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers.

“As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”

Navin Gupta, managing director, South Asia and MENA at Ripple, added: “We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative Blockchain solutions for speedy cross-border payments.”

This article was first published in Arabian Business

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