Ripple has announced an agreement today, Feb. 14, with the Saudi Arabian Monetary Authority (SAMA) to provide support for Ripple’s cross-border payments technology to banks in the Kingdom of Saudi Arabia (KSA).
SAMA and Ripple have created a pilot program to provide support to KSA banks to use xCurrent, Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
The first of its kind to be launched by a central bank, the pilot program 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, Ripple’s global head of infrastructure innovation, said: […]