NBK Direct Remit (a blockchain - a money transfer system)

2018: Start of a system

In December, 2018 the National Bank of Kuwait (NBK) started the system of international money transfers on the basis of a blockchain. The credit institution used technology of the Californian startup Ripple.

The new product received the name NBK Direct Remit. Originally it will be used for money transfers to Jordan, and in further NBK is going to extend it and to other countries. The bank has departments in several cities of China, Geneva, London, Paris, New York and Singapore, and regional representative offices are in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and the UAE.

Headquarters of National bank of Kuwait

The commission in the amount of 1 Kuwaiti dinar ($3.29) undertakes money transfer to Jordan through NBK Direct Remit provided that funds are allocated in local office. For clients of other banks, the commission will make the 5th dinar ($16.47) for transfer. The maximum amount which the client by means of a blockchain system can send is limited to $2000.

The started system in bank was called "the innovation, safe and reliable service in the field of money transfers". According to the deputy CEO for transactions and technologies of the NBK group Dimitrios Kokosioulis, the solution based on a blockchain allows clients of bank "make remittances in several seconds" and "at any time".^[1]

National bank of Kuwait — not the first bank which implemented RippleNet technologies. In November, 2018 the financial giant CIMB Group Holdings in the application for SpeedSend international money transfers began to use them.

In the same month the Japanese financial conglomerate Mitsubishi UFJ Financial Group announced use of Ripple for creation of new service of the international payments to Brazil through partnership with Banco Bradesco.

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