The National Bank of Kuwait will join the RippleNet payment network in order to make faster and cheaper cross-border payments.

Faster and cheaper

The National Bank of Kuwait (NBK) connected to the RippleNet payment network. Using the blockchain network, the bank launches its NBK Direct Remit cross-border payment service to make instant payments. Currently, the payment corridor through RippleNet is open only between Kuwait and Jordan. But in the future, the Kuwaiti Bank hopes to launch corridors to other countries.

The cost of such transactions to the NBK Jordanian branch is 1 Kuwaiti dinar. Commission for transfers to other banks is 5 KWD ($16.47). The service does not allow to send amounts exceeding 2,000 KWD ($6,586).

“With NBK Direct Remit, you can enjoy an innovative, secure and reliable remittance service. Get 24/7 accessibility on NBK Online Banking and remit funds from the comfort of your home or office,” the NBK website reads.


Kuwait Finance House (KFH) was the first Kuwaiti bank to join the cross-border payment system. The bank, which operates assets worth $55.52 billion and keeps deposits of $34.97 billion, became a member of RippleNet in May 2018.

Indian bank Kotak Mahindra, CIMB Group, one of the largest banks of the Association of Southeast Asian Nations (ASEAN), Oman-based BankDhofar, and American Express payment system also connected to RippleNet. Currently, more than 100 financial companies joined the RippleNet system.

It is worth noting that RippleNet blockchain network does not use the XRP token.