Ripple Saudi Arabian Monetary Authority partnership comes as the latest deal in the extensive list of RippleNet’s collaborations. The project is in the pilot version as of now, aiming to test the abilities of technology to help advance the cross-border transactions.
15 February, AtoZForex – It seems that Ripple does not stop to sign one deal after another. This time, the distributed ledger startup has inked a deal with Saudi Arabia’s central bank to pilot test the program that will make country’s banks try the Ripple’s technology.
Ripple Saudi Arabian Monetary Authority Partnership Signed
The Ripple Saudi Arabian Monetary Authority partnership has marked the second deal of the tech company with a big bank. The first such deal has been signed with the Bank of England, as it has been collaborating with Ripple since last year.
Ripple’s representatives have commented on the collaboration with Saudi Arabian Monetary Authority:
“This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs.”
The news about Ripple Saudi Arabian Monetary Authority partnership did not come as a surprise given the recent spiked interest in the xCurrent by Ripple. Many other major financial institutions have been expressing the heightened interest in this tech company.
Just last month, Spanish banking group Santander has announced that it is in the process of launching mobile payments app that utilizes the xCurrent tech.
RippleNet Western Union Partnership
The announcement emerges just a day following the news about UAE Exchange, a big remittance company in the country, has agreed to use the startup’s RippleNet product to handle its cross-border payments.
Another remittance giant, Western Union, has also reportedly confirmed that it is testing the technology of RippleNet. The CEO of Western Union, Hikmet Ersek, has been quoted as saying:
“We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities. And we do test, we do have some tests with Ripple.”
Back in 2015, Ripple has stated that it was working with Western Union. However, at that time, there was no comments available from the company itself.
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