Ripple announced today, 14 February, on the conclusion of a partnership agreement with the Monetary Agency of Saudi Arabia (SAMA), which plays the role of the Central Bank of the country.
Under the agreement, banks will use Ripple technology for making international wire transfers.
SAMA and Ripple have created a pilot program that will help the country’s banks to use the solution, xCurrent, which was developed by and is Ripple which allows banks to instantly make international payments using end-to-end tracking.
The first of its kind pilot program will allow banks in Saudi Arabia use xCurrent for making cross-border payments. SAMA intends to support these banks by the creation of special regulatory acts, and also intends to help with training in the use of this system.
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Dileep RAO, head of innovative infrastructure Ripple, said:
Central banks around the world tend to use blockchain technology and recognize that it could seriously transform the field of international transfers that will undoubtedly be beneficial both to consumers and the banks themselves.
SAMA is the first national Bank, which is actively working in this direction and contributes to domestic banks, which have decided to use an innovative solution by Ripple cross-border payments.
Ripple has partnered with over 100 financial institutions, and last week signed an agreement with LianLian International, a Chinese payment service provider.