One of Kuwait’s commercial bank, Kuwait Finance House (KFH) has added Ripple in the mixture of their transactions. The finance house will use Ripple in the cross-border transactions, which Ripple has become quite popular for.
xCurrent and xVia are part of Ripple’s systems which are helping the transactions from one party to another in a few seconds.
Ripple’s advantage is its quick transaction speed along with the low fees it requires for sending cross-border transactions. Ripple is ripping the traditional banking systems apart with its technological capabilities!
The world’s largest Islamic bank, Saudi Arabian Al Rajhi Bank has used Ripple’s capabilities in transferring money between the Saudi Arabian and Jordanian bank branches.
The Ripple effect has already been seen with the Saudi Arabian Al Rajhi Bank doing exceptionally well on the Saudi stock market where it closed on a 32 month high.
The most exciting partnership is with the Saudi Arabian Monetary Authority (SAMA) which is the first among central banks to partner with Ripple’s technology.
Even RAK Bank based in UAE has accepted Ripple technology in September 2017. RAK bank is known for its technological advances in instant, frictionless and secure money transfer services. Ripple will help RAK Bank in achieving its aim.
The IMF has also commended and hinted about Ripple’s work. Tao Zhang, Deputy Managing Director of The International Monetary Fund (IMF), said in a speech-
Some useful technology is being developed to improve market efficiency. For example, services have slashed from days to minutes the time it takes for cross-border payments to reach destinations. These include relatively small firms like BitPesa in Africa and BitOasis in the Middle East and such well-known companies as Western Union and Moneygram
Overall, the remittance industry is being put forward on a pedestal with no brakes thanks to Ripple technology. xRapid pilot has already proven the transfers being done in seconds.