Kuwait Finance House (KFH), a member of RippleNet, has started operating an instant cross-border remittance service “Instant International Transfer” using Ripple’s blockchain technology back in 2019. KFH announced this significant milestone after completing the technical preparations and conducting a number of pilot testing, and obtaining Central Bank of Kuwait approval
The Currently zero fees remittance is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank. This service will expand to encompass more countries in different currencies. The service allows KFH customers to make instant and secure zero fees remittances through their accounts in kfh.com. This affirms KFH’s strategy of adopting digitization, delivering superior customer service, while demonstrating excellence in operating RippleNet remittance services in record time after it had announced joining RippleNet last May.
Now, the Kuwait Finance House (KFH), one of the leading banking institutions based in Kuwait has announced that KFH members can make international direct money transfers to Turkey using RippleNet’s blockchain technology.
Chief Retail & Private Banking Officer Walid Mandani said:
affirmed that the bank has “completed all the procedures and technical tests,” which were required to initiate this service. The service comes after the escalating needs of the bank’s clients to carry out instant transfers to Turkey for personal and investment purposes. The service will be complimentary for customers and will be available 24/7 on the bank website or via the IOS and Android mobile app.
— JackTheRippler🤫🐻🏦 (@RippleXrpie) May 13, 2020