Altcoin News: Saudi British Bank Uses Ripple Solution for Cross-Border Payments

April 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Saudi British Bank (SABB) has announced the use of the Ripple solution for instant Cross-Border Payments.

According to representatives of the bank, the introduction of such an opportunity has become part of a “strategic plan for digital transformation and improvement of user experience.” Note that in 2018 the Saudi British Bank was one of the first in Saudi Arabia to join the Ripple network. The first successful international transaction of the bank on the Ripple platform was the transfer to India in December last year.

According to Majed Najm, Deputy Managing Director for Corporate and Institutional Banking at Saudi British Bank, this step demonstrates the desire of the bank to provide its clients with the highest quality services. He noted that the use of the latest technology and the blockchain saves time and money for customers. In addition, the Ripple platform makes international payments not only faster and safer but also more transparent.

“This is also to maintain our leading position in achieving the ambitions of the Bank’s customers whether in the retail or corporate sector and to support SABB’s vision to be the leading global bank in the Kingdom,” said Najm.

Currently, Saudi British Bank has integrated support only for the Indian rupee, but the bank plans to cooperate with other countries, as well as add support for new currencies in the near future.

Earlier it was reported that in 2019, Saudi Arabia will launch its own cryptocurrency, in the development of which the United Arab Emirates is also involved.

Author: Marko Vidrih