Al Ahli Bank of Kuwait [ABK] announced its partnership with Ripple on Thursday in order to enable instant cross-border payments for its customers in and out of Kuwait, reported Arabian Business. As they announced this partnership, ABK claimed to be one of the few financial institutions in Kuwait to reduce transaction times from days to a few minutes for its customers.
The bank will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations. This will help the bank’s customers in sending money to friends, family and loved ones faster and more efficiently noted the bank.
ABK will be a part of the RippleNet, a decentralized global network of banks and payment providers. ABK’s group chief operating officer, Somnath Menon said: