The Saudi Arabian Monetary Authority (SAMA) has signed an agreement with fintech giant Ripple to pilot instant cross-border payments on a blockchain among domestic banks in the region.
The partnership with Ripple will enable banks to transact using Ripple’s XCurrent an enterprise blockchain software that powers end to end tracking of payments and instant settlements around the world.
SAMA’s use of XCurrent has the potential to to radically shift how banks in the kingdom of Saudi Arabia send money globally. The KSA now has access to evry financial institution on RippleNet, which will not only help modernize their payment system but also help them reach new frontiers.
Ripple’s head of infrastructure innovation Dilip Rao said:
Central banks around the world are leaning into block chain technology in recognition of how it can transform cross-border payments, resulting in low barriers to trade and commerce for both corporates and consumers.
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.
With this agreement SAMA joins over 100 financial institutions who already rely on Ripple to power end-to-end tracking and instant settlements for their payments around the world.
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