The Reason Why Ripple and Saudi’s Central Bank Became Partners
A new partnership is going to lift the Ripple company back in the tops. The San-Francisco-based crypto enterprise has announced about an agreement established with Saudi Arabian Monetary Authority (SAMA). This new accomplishment aims to expand the payment technology overseas.
This is a big step forward for a regional central bank and the first of its kind in the world. The Global Head of Infrastructure Innovation at Ripple, Dilip Rao argued on 15 February 2018 for local press that “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers”.
Both Ripple and SAMA have reached a common agreement to encourage the Saudi’s banks to use xCurrent programme. This is a software created by Ripple in order to simplify the transactions made from Arabia to cross-border destinations.
Dilip Rao also added that “SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution”.
Another partner of Ripple company, UAE Exchange claimed about their new collaboration that “Ripple could also provide real-time messaging, clearing and settlement of financial transactions for global banking and payment partners. This partnership could enhance efficiency, enhance data security and minimise cost involved in data storage.”
The partnership between Ripple and Saudi’s Central Bank sounds promising. The new innovation proposed by Ripple could significantly reduce the real time of the transactions managed outside the Saudi’s country, but also promoting them as a secure global company.