Ripple Partners With Saudi Arabia’s Central Bank To Plug Banks On A Blockchain

The fintech giant Ripple just linked to a new partnership with the Saudi Arabia central bank to pilot instant cross-border payments on their blockchain. The Saudi Arabian Monetary Authority (SAMA) partnered with the central bank for the Kingdom of Saudi Arabia (KSA) has just entered an agreement with Ripple on launching a sweeping blockchain pilot that will see all the regional participating banks use the Ripple blockchain for ‘instant’ international payments.

This pilot will make most of Ripple’s xCurrent which is an enterprise blockchain software that is designed to power end-to-end tracking of payments as well as instant settlements all around the globe. This first-of-its-kind pilot will also involve a central bank and see the KSA plugged in with access to more than 100 financial institutions. From banks to payment providers and more, RippleNet will be the host of this blockchain network.

As the global head of infrastructure at Ripple Dilip Rao said:

“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.”

He also pointed to the more transparent, cheaper and faster transactions compared to the traditional payment methods, adding that:

“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,”

This announcement comes within days of Ripple roping in the UAE Exchange which is one of the biggest money transfer and exchange operators (also a part of RippleNet) as well as the Hong Kong -based LianLian all in order to make cross-border payments a reality in China.