Saudi Arabian Monetary Authority (SAMA) pilots blockchain-based Ripple payments

SOURCE: - Saudi Arabian Monetary Authority pilots Ripple payments

Ripple has signed an agreement with the Saudi Arabian Monetary Authority (SAMA) to support the nation’s banks in a blockchain-fueled payments pilot. Together, they have created a programme to help banks use xCurrent, Ripple’s enterprise software solution that instantly settles cross-border payments with end-to-end tracking.

According to Ripple, this is the “first of its kind to be launched by a central bank”, and SAMA will support Saudi banks with management and training. Dilip Rao, global head of infrastructure innovation, Ripple, says: “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.”