Ripple has struck a deal with Saudi Arabia’s central bank on a pilot program that will see banks in the country test the company’s technology, according to reports.
“This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the KSA will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs,” according to Ripple’s website.
The company noted that earlier this month, Spain’s Santander is in the process of rolling out a mobile payments app that uses the xCurrent tech (which does not rely on Ripple’s XRP token), with Spain, Brazil, the U.K. and Poland serving as the initial markets for that release.
“SAMA’s use of xCurrent has the potential to radically shift how banks in the KSA send money globally. The KSA now has access to every financial institution (banks and payment providers) on RippleNet, which will not only help modernize their payments systems, but also further their reach into major corridors. Additionally, KSA banks’ customers will experience faster, cheaper and more transparent cross-border transactions. SAMA will also provide interested Saudi banks with program management and training,” Ripple said.
