National Bank Of Kuwait Launches SWIFT’s Global Payments Innovation Using RippleNet

National Bank Of Kuwait Launches SWIFT’s Global Payments Innovation Using RippleNet

The National Bank of Kuwait (NBK) has launched SWIFT’s global payments innovation (gpi) with the ACI Worldwide’s payment engine. NBK was lately in the news after launching a new service called the National Direct Transfer Service that uses RippleNet. The information was released on January 3 in a press release.

Customers will now be able to execute transfers in just a day and use these funds. This would have an important influence in reduced timelines and will also provide greater transparency.

Craig Ramsey, head of real-time payments, ACI Worldwide, commented about it:

“Leveraging the richer data of Swift gpi messages will allow NBK to further optimize the customer experience and differentiate against competitors.”

With this ACI’s certified gpi module it was possible for NBK to configure ACI’s Money Transfer System and become a Swift gpi member bank. There are no other banks in the country part of the Swift gpi group. It is also one of the first in the MENA region.

ACI Worldwide informs that they are the first vendor of Swift gpi solutions, allowing banks to be plugged into Swift’s central database and monitor transactions.

The National Bank of Kuwait launched the National Direct Transfer Service using RippleNet at the end of the last year. As we reported at BitcoinExchangeGuide a few days ago, the implementation of these solutions will have an impact on users that want to send instant payments to other banks.

RippleNet is also expanding around the world welcoming new partners and increasing its presence not only in the MENA region but also in Asia and other countries in Latin America. This would allow banks and financial institutions to process cross-border payments and transfers in an easier and faster way reducing costs for clients and improving their services.

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