Ripple powers cross-border payments for one of the worlds largest Islamic banks

07 Jan, 2019 | Updated: 07 Jan, 2019
by Will Heasman
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Ripple powers cross-border payments for one of the worlds largest Islamic banks

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:

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:

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!

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Read more about: Ripple (XRP)

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