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On January 3, the National Bank of Kuwait [NBK] announced the launch of SWIFT’s global payments innovation [gpi] using the integration capabilities of ACI Worldwide’s payment engine. NBK is the same bank that had launched the National Direct Transfer Service using RippleNet wherein customers will have access to the payment feature offered by Ripple. NBK had earlier tweeted:
“For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan.”
While the partnership with Ripple is aimed for instant transactions, the recent partnership with SWIFT’s gpi will allow customers to execute same day transfer and use of funds. Craig Ramsey, head of real-time payments, ACI Worldwide said:
“Leveraging the richer data of Swift gpi messages will allow NBK to further optimize the customer experience and differentiate against competitors.”
ACI Worldwide has said that it is the first certified vendor of SWIFT’s gpi solutions which will allow “banks to plug into Swift’s central database to monitor inbound and outbound gpi transactions”.
Mohammed Al-Khorafi, general manager, operations group, NBK further added:
“ACI’s certified gpi module enabled us to configure ACI’s Money Transfer System and lead as the first bank in Kuwait, and one of the first in the wider MENA region, to become a Swift gpi member bank”
What makes the recent partnership even more noticeable is the fact that Marcus Treacher, the Global Head of Strategic Accounts at Ripple Labs Inc, had called RippleNet a cover version of the old Swift. He had said:
“It’s blockchain technology, its a DLT technology. We also have the cryptocurrency XRP in the equation. We have created a banking scheme which we call RippleNet, that is a cover version of the old Swift, of the 21st century.”
RippleNet has been on a mission to partner with multiple banks with Siam Commercial Bank being one of the first to test the multi-hop system. The announcement by Ripple stated:
“Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions”.
Source: https://ambcrypto.com/ripple-partner-national-bank-of-kuwait-ties-up-with-swifts-global-payments-innovation/