The Saudi Arabian Monetary Authority (SAMA) has signed an agreement with Ripple to help banks in the KSA (Kingdom of Saudi Arabia) improve their payments infrastructure using xCurrent.
xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction. .
“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,” said Dilip Rao, the global head of infrastructure innovation at Ripple,
Image Source - Ripple
SAMA joins over 100 financial institutions (banks and payment providers) already rely on RippleNet to power end-to-end tracking and instant settlement for their payments around the world. Participating banks from the KSA will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs. This pilot program is the first of its kind to be launched by a central bank. Prior to SAMA’s adoption of xCurrent, the Bank of England had successful proof of concept with Ripple in 2017, to use blockchain technology to revolutionize payments.
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. It will also provide interested Saudi banks with program management and training.
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