In a recent announcement carried out by the head of personal banking services at Kuwait Finance House, Mr. Walid Mandani stated that, " Baitak has completed all the neccesary tests and technical procesures in order to launch foreign transfer services to Turkey using Ripplenet."
This will allow financial institutions to make instant, secure, and cost efficient transfers by joining RippleNet. Mr. Mandani added that " Baitak will soon announce the official operation of thi service, and their committment to utilizin the latest technologies for digital financial services to ensure best customer experience."
The new service comes at a time when institutions are requesting instant transfers either personal or investment and will be offered to Baitak customers with the highest security measures 24 hours a day seven days a week utilizing IOS and Android mobile applications or website.
Kuwait Finance Houe first started to utilize blockchain for payments back in 2018 when it carried out its first test utilizing RippleNet for payments to the Kingdom of Saudi Arabia. KFH announced it was live on RippleNet in 2019.