Ripple continues to grow as the blockchain technology most used in the international banking system. After revealing that more than 200 financial institutions had adopted its technology solutions, the company adds a fresh partner thanks to the decision of Saudi British Bank (SABB) to use Ripple for a new Instant Cross-Border Transfer Service.
In an announcement on its official website, the bank revealed that the new service is part of a business strategy focused on “digital transformation and enriching customer experience”.
The revelation was made during an event held in April 24th & 25th, 2019 in Riyadh. They did not explain which of Ripple’s solutions they would be implementing, however; they emphasized that the introduction of this new platform was possible thanks to the patronage of the Saudi Arabian Monetary Authority (SAMA)
The Saudi Arabian Monetary Authority (SAMA) is quite familiar with blockchain technologies. As reported by Ethereum World News, the bank has been testing Ripple technologies for more than a year and at the beginning of 2019, an agreement was reached between Saudi Arabia and the United Arab Emirates to develop a cryptocurrency to facilitate interbank transactions between these two countries.
Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB explained that thanks to the use of Ripple, the speed and efficiency of cross-border payments will improve the quality of the bank’s services and offer the possibility of interconnecting more financial institutions as time goes by.
SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple”. The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.
Already in September 2018, SABB became the first Saudi Arabian bank to use the R3 blockhain ecosystem as a tool to process financial transactions. R3 currently also uses Ripple technology to power its technological solutions.