Ripple, the company behind XRP has made yet another massive stride in adoption. One of the largest Islamic banks in the world, Kuwait Finance House (KFH), has recently announced the launch of Ripple’s instant cross-border remittance service.
The bank will be using Ripple’s sophisticated blockchain technology to process international payments for their customers in Saudi Riyal (SAR) to beneficiaries at Al Rajhi Bank.
Kuwait Finance House announced the news via Twitter, stating:
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
This development marks significant progress for Ripple but should come as no surprise, as KFH has been extensively trying and testing Ripple’s cross-border…