Ripple has signed an agreement with the Saudi Arabian Monetary Authority (SAMA) to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments, according to the San Franciso company.
This pilot programme is the first of its kind to be launched by a central bank and will also provide interested Saudi banks with program management and training.
“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers,” says Dilip Rao, global head of infrastructure innovation at Ripple.
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
SAMA’s use of xCurrent has the potential to revolutionise how banks in the KSA send money globally, helping customers experience faster, cheaper and more transparent cross-border transactions.
SAMA’s adoption of xCurrent makes it the second central bank to use blockchain technology to revolutionize payments, following the Bank of England’s successful testing back in 2017.
There are now more than 100 fiancial institutions around the world who use Ripple to power end-to-end tracking and instant settlement for their payments around the world.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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