Ripple Widens Global Partnership, Signs Deal with Saudi Arabia

Feb 15, 2018 at 18:49

The Saudi Arabian Monetary Authority (SAMA) has partnered with Ripple to provide support for cross-border payments technology to banks in the Kingdom of Saudi Arabia (KSA).

Under the team-up, SAMA and Ripple created a pilot program that will provide support to KSA banks to use xCurrent, Ripple’s enterprise software solution enabling banks to instantly settle cross-border payments with end-to-end tracking.

The pilot program is considered to be the first of its kind to be initiated by a central bank. The partnership will also allow SAMA to support KSA banks with a regulatory sandbox, program management and training.

Amid the partnership, Ripple’s global head of infrastructure innovation, Dilip Rao said that central banks worldwide are now leaning into Blockchain technology as its ability to transform cross-border payments help in breaking barriers in trade and commerce.

“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 added.

At present, Ripple has already inked partnerships with over 100 financial institutions, most recent of which was with LianLian International, a China-based payment services provider.