Ripple Partners Saudi Arabia’s Central Bank to Plug Banks on a Blockchain

Source : Ripple Partners Saudi Arabia’s Central Bank to Plug Banks on
a Blockchain
Advertisement Get Trading Recommendations and Read Analysis on for just $39 per month.Fintech giant has inked a new partnership with the Saudi Arabia’s defacto to pilot instant cross-border payments on a blockchain among domestic banks in the region.The Saudi Arabian Monetary Authority (SAMA), the for the Kingdom of Saudi Arabia (KSA), has entered an agreement with to launch a sweeping blockchain pilot that will see regional participating banks use ’s enterprise blockchain for ‘instant’ international payments, an announcement revealed today.The pilot will enable banks to transact using ’s xCurrent, an enterprise blockchain software that powers end-to-end tracking of payments and instant settlements around the world. The first-of-its-kind pilot involving a will also see the KSA plugged in with access to over 100 financial institutions – banks, payment providers and more – on RippleNet, ’s enterprise blockchain network.Crucially, the KSA’s will also offer Saudi banks with ‘program management and training’, confirmed, underlining the bullish endeavor by the to adopt blockchain technology.’s global head of infrastructure innovation Dilip Rao said:“SAMA is leading the charge as the first to provide resources to domestic banks that want to enable instant payments using ’s innovative blockchain solution.”The Saudi ’s efforts also hint at benefitting retail customers of local Saudi banks who, adds, will experience transparent, cheaper and faster transactions compared to traditional payment methods.“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,” Rao added.The announcement comes within days of roping in UAE Exchange, one of the Middle East’s biggest money transfer and foreign exchange operators, also a part of RippleNet, and Hong Kong-based LianLian to enable cross-border payments to the Chinese market.Featured image from Shutterstock.Follow us on Telegram.Advertisement

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