Ripple and the Saudi Arabian Monetary Authority have announced a partnership to form a pilot program for cross-border payments with Saudi Arabian banks.
Ripple has announced an agreement today, Feb. 14, with the Saudi Arabian Monetary Authority (SAMA) to provide support for Ripple’s cross-border payments technology to banks in the Kingdom of Saudi Arabia (KSA).
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 a regulatory sandbox, program management and training.
Dilip Rao, Ripple’s global head of infrastructure innovation, 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 [sic] and consumers.”
“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 over 100 financial institutions, most recently last week partnering with LianLian International, a China-based payment services provider.