Saudi central bank teams up with Ripple to test settlement solution ‎xCurrent

The Saudi central bank is set to carry out a test of Ripple’s settlement solution, xCurrent, ‎in a bid to improve ‎payments infrastructure and ‎enables KSA’s banks to instantly settle cross-border payments with ‎end-to-end tracking.

The deal is another boost for Ripple’s expansion in the region, after it has signed foreign exchange giant UAE Exchange last week to use its blockchain technology to power real-time ‎international payments.

Saudi Arabian Monetary Authority (SAMA) will also provide interested Saudi banks with program management and training.

This ground-breaking pilot program marks an important moment for both ‎blockchain and remittance communities in the middle east. Saudi Arabia is ranked as the second top remittance sending country in ‎a global scale, counting above $36.9 billion.

“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.‎ 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.”‎ said Dilip Rao, the global head of infrastructure innovation at Ripple.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: Saudi Central Bank Teams Up with Ripple to Test Settlement Solution ‎xCurrent

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