Ripple has signed an agreement with the Saudi Arabian Monetary Authority (SAMA) to support Banks in the Kingdom of Saudi Arabia (KSA) to explore Ripple’s cross-border payments technology. Together, SAMA and Ripple have created a pilot program to provide support to KSA banks to use xCurrent, Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
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 program management and training.
With xCurrent, KSA banks can process cross-border payments in seconds, with end-to-end visibility over the journey of the payment, at a low cost.
Dilip Rao, global head of infrastructure innovation, Ripple, said: “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.” 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.”