Ripple today announced an agreement with the Monetary Authority Saudi Arabia (SAMA) to support Ripple's cross-border program. SAMA and Ripple have created a pilot program to help KSA banks use XCurrent, Ripple's enterprise software solution, which allows banks to instantly settle cross-trades between banks and banks in the UK. 39, Saudi Arabia (1945-19003). border payments with end-to-end monitoring.

The pilot program, the first of its kind to be launched by a central bank, 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, global leader of innovation in Ripple's infrastructure, said:

in Blockchain technology in recognition of how he can transforming cross-border payments, reducing trade and commercial barriers for businesses [sic] and consumers.

Rao added,

"SAMA leads the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using the blockchain solution Ripple Innovative. "

Ripple has partnerships with more than 100 institutions, most recently last week in partnership with LianLian International, a China-based payment service provider.