As a part of the strategic plan towards digital transformation, Saudi British Bank launches global payment system. This is a cross-border transfer service which uses blockchain technology powered by Ripple. This news was revealed at the Financial Sector Conference recently held in Riyadh. Saudi British bank joined hands with Ripple way back in January 2018. It was one of the first banks of the nation to embrace the blockchain technology.

According to Majed Najm, the deputy MD at SABB, with the new payments system the bank will provide the best banking services to customers using the latest technology. Also, with blockchain, the process of payment clearance will get less time-consuming. It will also encourage lesser paperwork. Saudi British Bank’s new global payment system ensures faster, safer and transparent international payment services.

Last year in December when SABB started operating on Blockchain, it began the transaction with Indian currency Rupee. As per Mr Najm, more countries and currencies will soon be a part of the payments system.