Blockchain-based payments solution Ripple has formed an agreement with Saudi Arabian Monetary Authority to support the use of xCurrent.
This agreement will support banks in the country with exploring the use of Ripple’s cross-border payments technology. The two groups have already created a pilot program which will aid the use training and management of xCurrent.
Ripple uses blockchain technology to connect banks, payment providers, digital asset exchanges and corporates to send money globally. The xCurrent solution enables banks to make instant cross-border payments with end-to-end tracking.
Other solutions offered include xRapid, which helps payment providers and financial institutions to minimise liquidity, and xVia a platform to help clients send payments across various networks using standard interface.
Ripple global head of infrastructure innovation Dilip Rao said, “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.
“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.”
Ripple raised a $55m funding round in 2016 from banks including Santander, CIBC World Markets’s Accenture Technology Ventures, futures exchange CME Group and Standard Chartered Bank.
Last year, Sharia compliant P2P lending platform Beehive closed a $5m Series A round led by Riyad TAQNIA fund. The company, which helps SMEs to access lower cost finance, is currently operating in Dubai, but hopes to expand to Saudi Arabia in the future.
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