The Ripple platform, currently utilised by over 100 financial institutions, will also enable the bank to monitor payments from one end to the other.
Ripple’s announcement of this new venture does not go into detail regarding whether the Kuwaiti bank will adopt xCurrent, which permits settlements in fiat currency, or xRapid, which utilises XRP for liquidity.
Earlier this year, Ripple announced that its blockchain network RippleNet was servicing more than a hundred banking firms. “We are pleased to announce that Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others, have joined RippleNet,” it said. “The newest members can count themselves among SBI Remit, SEB and Siam Commercial, who also use RippleNet to send cross-border payments.”
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