The Saudi central bank will be testing Ripple’s payment technology, specifically the settlement solution, xCurrent. The aim is to see if this can provide improved efficiency to the country’s banks, for settling payments instantly in and out of the country, with greater transparency and lower costs, according to Ripple.
This pilot programme is the first of its kind to be launched by a central bank. Ripple also noted that “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. Saudi Arabian Monetary Authority 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.”
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