Ripple and Saudi Arabia: SABB brings cross-border payment solution
Home News Ripple and Saudi Arabia: SABB brings cross-border payment solution
Marcel Knobloch –
The American Startup Ripple provides cross-border payment solutions for every type of business size. The cost should decrease and the speed increase. This potential has also been recognized in a Saudi Bank, which now relies on the Software of the Ripple in order to optimize transactions.
The Saudi British Bank (SAAB), which is majority-owned by the financial group HSBC, has officially launched a cross-border Zalungssystem of Ripple. The Indian rupee is the first currency which is made available on the platform. The CEO of the Bank, Majed Najim, shows that the implementation is a big win for its customers, as it increases the speed and transparency (freely translated):
SABB provides to its customers through the introduction of Blockchain technology by Ripple faster, safer and more transparent cross-border payment services.
The Indian rupee (INR) is a positive Start for a future Roadmap, which will be activated as the first currency of the SABB. This Plan aims to offer customers a valuable Service and to connect in the near future, more countries and currencies.
So far, three banks in Saudi Arabia the technology of Ripple, but increases the number and distribution steadily. SAAB has not announced which payment solution is used by Ripple. Probably the SAAB uses xCurrent and not xRapid, that the Digital Asset XRP used. Ripple has brought on xRapid last year on the market and for all companies in the world. xCurrent is accepted by the Supervisory authorities of the different countries reinforced and accepted.
According to a world Bank report, India is the country with the largest transaction volume of about 79 billion dollars. Between 2016 and 2017, the Indian Transfers from Saud Arabia came to 11.6%. This value increased in the year 2018 to 22.9%, so this is the main reason for the Start of the Indian rupee on this new platform.
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