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In a move that will push Ripple to dominance in the Middle East, Ripple announced their partnership with the Commercial National Bank of Saudi Arabia (NCB). The NCB is one of the largest banks in the country with a market capitalization of about $ 120 billion and Ripple states that the bank will become a good-faith member of the Ripple Net network by the end of the year
Ripple Achievements [19659003] This development is a direct impetus for Ripple, a serious US software solutions provider that aims to provide alternative banking alternatives for financial institutions within its network. Furthermore, it is a direct result of their previous statement that many banks will be part of the Ripple network by the end of the year.
Benefits for which the NCB will stand up
By joining the network [RippleNet the NCB will enjoy numerous advantages. First, the announcement that the bank will be a sort of connector bank that connects several banks in the Asian market with North America, their customers will have access to various financial and credit services offered by global banks at the time. internal of the RTXP. At the same time, companies that depend on the NCB for funding must have access to fast transactions and transparency thanks to the underlying blockchain technology that links financial institutions. The NCB plans to initiate this initiative by entering into a partnership with several Singapore financial institutions before subsequently linking them with the North American counterparts through the RTXP.
SAMA xCurrent pilot program of Saudi Arabia
It is interesting to note that this development comes shortly after the Kingdom of Saudi Arabia through the regulatory authority of the country, the Monetary Authority of Saudi Arabia SAMA has implemented a successful pilot program that has seen several banks test the ripple wave. The revolutionary program has seen banks use xCurrent to improve their overall efficiency, especially when they send or receive money in the country, as they simultaneously reduce operating costs and eliminate latency. Apart from the inherent advantages, SAMA could also properly monitor the banks within the RTXP network, thus facilitating task supervision usually.
