In a recent report, Kuwait Finance House (KFH) has recently hinted about its success in cross-border payment services over the year. It said it accrued over 100 million transactions using RippleNet and some other payment solutions to foster its services.
This update first landed on Alqabas.com, a local news outlet, and shared on Twitter by BankXRP, a popular XRP-centric Twitter account that shares new developments in the crypto sphere, especially the updates related to Ripple and its digital token XRP.
KFHOnline total transactions exceed 100 million in one year.
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) December 22, 2019
RippleNet is a Ripple owned electronic payment solution used by over 200 financial institutions to enhance payment services they render within and across borders.
RippleNet eases the payment services of prominent banks and financial institutions on its network all over the world. It offers them faster and cost-efficient payments.
Details about KFHonline Transaction Record
According to the update made available by Kuwait Finance House (KFH), the number of transactions carried out by its customers via the KFHonline website or mobile app was estimated to be over 100 million transactions in the interval of 12 months (November 2018 to November 2019 precisely).
This exceeds the number which KFH recorded in the previous year by 25 percent. The head of personal banking and private financial services for the group in KFH, Walid Mandani, affirmed the excellent performance recorded by the payment company. He averred that the significant figure attained by KFH confirms its progress in the digital transformation.
KFH Acknowledges RippleNet Contribution
In the report, Mandani acknowledged the major financial tools used by KFH to see through over 100 million transactions within the range of a year.
He specifically mentioned that the RippleNet network played a big part in the KFH Xpress service for instant cross-border payments and instant money transfers in the just concluded year (not calendar year).
He also mentioned other solutions such as Skiplino service to book appointments electronically in bank branches, mobile check deposit service, and others.
Mandani also promised that KFH will keep adopting and promoting the latest financial technology (FinTech), artificial intelligence (AI) technology and blockchain technology in the banking industry.
In a nutshell, Ripple, the US-based payment firm arguably strives to push for the adoption of the blockchain system of payment. This seems not for self-promotion or for just the benefit of its digital token XRP, but for the entire blockchain industry.