Kuwait Finance House K S C P : KFH launches instant cross-border payments to KFH-Turkey

Kuwait Finance House (KFH) has successfully launched instant cross-border payments service to at KFH-Turkey using Ripple's technology, the enterprise blockchain solution for global payments. This confirms KFH's ongoing keenness to adopt the latest financial technology while delivering superior customer's banking experience.

Group General Manager Retail Banking at KFH, Khaled Yousif Alshamlan said that that instant cross-border payments service comes to serve customers who want to perform instant transfers to Turkey for personal expenses or investments, indicating Instant Transfer to KFH-Turkey is presented to KFH customers with zero-fees and the service is available 24/7 in a secure and fast manner through KFHOnline service on the website and the mobile App (IOS and Android).

'Financial institutions can send payments anywhere instantly, reliably and cost-effectively by joining Ripple's growing, global network RippleNet', he added in a statement, indicating the service improves and facilitates customers' cross-border payment methods through trusted global banks network, maximizing the role of blockchain instant payment in providing best service as per highest quality standards'.

Alshamlan boasted that KFH was among the first Kuwaiti banks to join RippleNet, reiterating this move enhances customer experience and comes in line with KFH digital transformation strategy.

He pointed out that KFH succeeded in making significant strides with its digital transformation journey, drawing attention to its advanced and innovative financial services and products, indicating the bank successfully launched the digital service 'opening bank account online' for new customers, citizens and residents within minutes without having to visit the branch.

Alshamlan listed some of the innovative financial solutions provided by KFH which are: The free of charge 'SWIFT GPI' service to track local and international banking transfers electronically for individuals and corporate via KFHonline, Kuwait Clearing Company KCC dividend subscription, transfer to KFH Trade, Baiti online, deposit of cheques via mobile, Cardless cash withdrawal by (QR Code, Civil ID& Mobile Number), and a complete update of KYC request 'Know your customer'.

He also mentioned the digital services of opening a gold account with options of selling, buying and trading online, Skiplino to book appointments electronically in the banking branches, KFHPay electronic payment service through which the customer can pay through the KFHonline mobile application or via the K-Net page, Chatbot, Push Notification service, Instant Cheque Printing and receiving gold biscuits instantly through XTMs available at the smart branches; KFH Go, in addition to many other highly efficient digital services.

Alshamlan reiterated KFH's keenness on constantly innovating unique digital banking solutions, confirming the ongoing efforts in utilizing AI and teaming up with Fintech for the best interest of customers, while moving forward in its digital transformation strategy.