ProgressSoft, Ripple and NBK Launch Cross-Border Live Payments in Kuwait and Jordan
ProgressSoft Corporation, Ripple and National Bank of Kuwait (NBK) successfully launched the first Remittance Management System to enable cross-border live payments in Kuwait and Jordan; a breakthrough in the GCC region.
ProgressSoft’s Remittance Management System is a modernized solution that allows banks and financial institutions to process all types of payments including cross-border payments through seamless integration points with third-party banking and financial systems and blockchain and payment networks.
ProgressSoft and Ripple collaborated to implement and integrate RippleNet’s enterprise blockchain technology solution with ProgressSoft’s Remittance Management System (PS-RMS) via advanced and intricate technologies in PS-RMS that allow NBK customers to transact on Ripple’s blockchain network.
The solution was launched at a record time of 3 months in Jordan and Kuwait under the brand name of ‘NBK Direct Remit’ and allows NBK customers to send money instantly using their NBK online banking and securely transfer money to beneficiaries on a 24x7 basis.
ProgressSoft is thrilled to be collaborating with Ripple and the National Bank of Kuwait to unfold new payment technologies in the GCC region and looks forward to announcing more successful implementations in other countries soon.