Ripple partners with Saudi Arabian monetary authority

Ripple announced today an agreement with the Saudi Arabian Monetary Authority (SAMA). As SAMA will support Ripple’s cross-border payment technology for banks in the Kingdom of Saudi Arabia (KSA).

SAMA and Ripple have created a pilot program to support KSA banks to use the xCurrent. Ripple solution that enables banks to settle cross-border payments with person-to-person tracking instantly.

The first of its kind to be launched by a central bank, the pilot program will allow participating KSA banks to use xCurrent for cross-border payment payments. SAMA will support KSA banks with a regulatory safe box, program management and training.

Dilip Rao, Ripple’s global head of infrastructure innovation, said:

“Central Banks Around The World Are Approaching Blockchain Technology In Recognition Of How This Can Transform Cross-border Payments, Resulting In Lower Barriers To Trade And Trade For Both Businesses And Consumers.”

Rao added,

“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.”

Ripple has partnerships with more than 100 financial institutions.