Ripple Partners with Al Ahli Bank of Kuwait (ABK) to Speed Up Payments, XRP Price Push Ensuing?
The Al Ahli Bank of Kuwait (ABK) has started a partnership with Ripple this week. The main goal of the partnership is for Ripple to offer the technology for the bank to upgrade its cross-border payments and make them instant.
According to ABK, the technology will enable the financial institutions in the country to send and receive money from abroad in a matter of minutes. Before the partnership, the process can take days, which is a big nuisance for the banks and their clients.
Ripple’s technology will be integrated into the existing services of the company and backed by the current infrastructure. According to the official statement from the bank, now people will have ease when moving their assets around.
The Chief Operating Officer at ABK has affirmed that the partnership will let the company reimagine the institution and harness the power of the blockchain to make better cross-border remittance of money, which will integrate the company into the world’s financial landscape better.
He believes that the key to remaining competitive in the industry is to follow the advancements of the financial sector and always enhance the quality of the offerings to the public so they can always have an edge on the competition. The goal, the company affirms, is to always bring the innovation for the clients in order to keep the user base happy with the quality of the services.
An Important Move For Ripple
This partnership will help to solidify Ripple’s strategy of using its systems to become a cross-border transaction provider with influence in the world. The move will see Ripple continuing to assert its influence over the Gulf region, where the company already has some other major partnerships.
Now, the bank will join RippleNet, a platform that already has over 400 customers from more than 40 countries. The number has been increasing faster since last year when the company made partnerships with several important partners. Some people affirm that this is why Ripple was able to get the place as the second largest crypto in the market now.