KFH goes live on RippleNet for money transfer service

Alhous: Service available now in SAR at Al-Rajhi Bank

Abdullah Abu Alhous

KUWAIT: Kuwait Finance House (KFH), a member of RippleNet, has started operating an instant cross-border remittance service “Instant International Transfer” using Ripple’s blockchain technology. KFH announced this significant milestone after completing the technical preparations and conducting a number of pilot testing, and obtaining Central Bank of Kuwait approval

The Currently zero fees remittance is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al-Rajhi Bank. This service will expand to encompass more countries in different currencies. The service allows KFH customers to make instant and secure zero fees remittances through their accounts in kfh.com. This affirms KFH’s strategy of adopting digitization, delivering superior customer service, while demonstrating excellence in operating RippleNet remittance services in record time after it had announced joining RippleNet last May.

Group Chief Operations Officer at KFH, Abdulla Abu Alhous said that KFH customers can now make instant remittance transactions to a beneficiary account at Al-Rajhi Bank utilizing Ripple Net. He hailed the joint efforts and the positive cooperation with the representatives at Al-Rajhi Bank, indicating this resonated with expediting the transfer operations to Al-Rajhi Bank. Al-Rajhi Bank is a strategic partner and it enjoys a great importance and a prestigious status in the record of the correspondent banks both in terms of cooperation and continuing communication, or the volume of mutual transfers between the two sides.

Abo Alhous added, in a press release, that applying this service comprises a paradigm shift and an unprecedented development at the level of the market in general and at the level of the Bank’s array of services in particular. This service combines both banking business and technological development. Its serves in improving and facilitating customers’ cross-border payment methods through trusted global network, maximizing the role of blockchain instant payment in providing best service as per highest quality standards and in line with security and speed manners.

He reiterated that this step emphasized KFH flagship position in adopting innovative financial solutions, while offering the most advanced services as per highest standards of transparency and efficiency. He said that blockchain technology gives KFH the opportunity to apply novel approaches to achieve its objectives, improve customer service and add more value to maintain the leadership position of KFH. “KFH has reached the final stages of implementing “Instant International Transfer” service on mobile phones through KFHonline”, he added.

It is worth noting that KFH has succeeded in launching several innovative services. KFH has lately implemented Chatbots on the Bank’s banking platform be it online or mobile which is available to customers 24/7, this improves service especially to our millennial customers. KFH implemented a Robotic Process Automation (RPA) program to streamline internal processes for customer financing transactions increasing efficiency and reducing processing time. Also, KFH launched the XTM that provides customers with unique self-service banking experience, “KFH Xpress” for Instant cross border money transfers, “cardless” cash withdrawals using QR codes or the mobile number or simply using ID card. This is in addition to the KFH-Wallet, a ‘Mobile Wallet Payment Service which allows customers to store specific banking cards on their mobiles. KFH also unveiled KFH Go, the first-of-its-kind fully-automated self-banking station.

Meanwhile, Managing Director, South Asia & MENA at Ripple- Navin Gupta said “Kuwait and KSA are large economies in the GCC and Ripple is excited to get customers of KFH to send instant payments into Al-Rajhi Bank in KSA. In 2019, we will work with KFH to deliver quicker, cheaper payments to many more countries.”