By Saudi British Bank (SABB) recently announced its launch of an instant cross-border service which is powered by Ripple as per a press release published on April 25th.
The bank stated that the technology, which was revealed at the Financial Sector Conference in Riyadh on April 24th and 25th forms part of its “strategic plan towards digital transformation and enriching customer experience.”
As per a statement from SABB, it was one of the first financial institutions to join forces with Ripple back in January 2018. Following this, the tech was successfully implemented by means of a pilot transaction back in December 2018 using the India rupee.
The bank’s deputy managing director of corporate and institutional banking, Majed Najm, stated that the new platform will deliver faster and more transparent cross-border payment services with the rupee being the first fiat currency to be supported. The SABB has plans to add more regions and currencies in the near future.
Najm added:
“This step is part of the bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.”
Just last September, SABB became the first Saudi-based bank to join a blockchain ecosystem operated by the software & global banking consortium R3.
As of April 24th, Ripple revealed that it had sold $169.4 million in XRP in the first quarter of this which is a 31% increase on 2018’s first quarter for the cryptocurrency.
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