The National Bank of Kuwait (NBK) has reportedly become the first financial institution in the small, oil rich Middle Eastern country to introduce “NBK Direct Remit” - which is a cross-border payments solution that uses RippleNet. As explained in an official blog post by NBK, RippleNet (a decentralized network of banks and other financial institutions using Ripple Labs’ suite of financial products) will be used to provide “a frictionless remittance experience” for the bank’s customers and “fast cross-border money transfer solutions.”
