Ripple has managed to score the business of one of the biggest Islamic banks in the world.
According to the bank itself - the Kuwait Finance House (KFH) – Ripple technology will be implemented in their cross-border remittance services, offering instant international transfers, with zero fees:
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank— Kuwait Finance House (@KFHGroup) January 6, 2019
The partnership was hinted at back in October, when, Dilip Rao, Ripple’s global head of infrastructure innovation Tweeted out the following message from the Chairman of the KFH:
It isn’t clear which Ripple remittance solution the KFH have opted to use. Two stand as potential candidates, the first being xRapid, which uses XRP as liquidity, with the added benefit of lower costs and real-time payments. Or xCurrent which enables banks to instantly settle cross-border payments with end-to-end tracking; xCurrent uses the banks own liquidity, rather than that of XRP.
It is clear, however, which Ripple remittance solution the XRP community army would prefer the bank to opt for:
👏🏼👏🏼👏🏼 #xrp— D (@DN167) January 6, 2019
Given that xcurrent is predominantly aimed for domestic payments, it can be argued that the instant cross border will be completed by #xrapid as that’s where it’ll work best.— S1980⚡️ (@1980SteveH36) January 7, 2019
thats great :) Whats your stance on using xrp within the network and with xrapid....— Michael Nardolillo (@MikeNardolillo) January 6, 2019
XRapid?— GeorgeⓧGeoⓡgoⓟoulos (@ggreekggod) January 7, 2019
While the actual product is yet to be confirmed, this partnership still marks a fairly momentous occasion for Ripple and the wider cryptocurrency community.
Read more: SWIFT vs Ripple, the battle continues!