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The NCB of Saudi Arabia joins RippleNet

Important Ripple Cryptocurrency News

The NCB of Saudi Arabia joins RippleNet

5.5 million customers will be able to use the blockchain platform for faster remittances.

The National Commercial Bank (BCN) of Saudi Arabia has announced that it will adopt Ripple's blockchain platform to improve remittances in and out of the country.

According to a press release on the official website of Ripple, the banking institution, one of the largest and oldest in the Middle East, joins the cryptographic startup network, RippleNet, connect with other financial institutions around the world and benefit from the features of the above-mentioned international payment services, which are faster and more transparent.

By mail, the bank will begin to interact with other financial entities located in North America and Asia, and will allow its 5.5 million customers to engage in cross-border payment transactions through these "two critical payment corridors" a previous in the process, because these services in these regions were not available in any way for them before the announcement.

xCurrent detecting KSA banks

The news comes after a successful pilot program with Ripple's business software solution, xCurrent, in collaboration with the Saudi Currency Authority – the central bank for the Kingdom of 39, Saudi Arabia – which started in February. At the time, Dilip Rao, head of Ripple's infrastructure for infrastructure, commented:

"Central banks around the world are leaning on blockchain technology in recognition of how it can transform cross-border payments, with consequent fewer barriers to trade and trade for both businesses and consumers. "

He then added" SAMA is leading the charge as the first central bank to provide resources to national banks that want to enable instant payments using the Internet. Ripple's innovative blockchain solution. "

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