banks and the Saudi Arabian Monetary organisation ( SAMA ) have partnered to create a pilot programme designed to support the country 's banks that choose to use xCurrent for cross - border payments . Ripple 's xCurrent enables cross - border transfers with end - to - end tracking and bidirectional messaging at a low cost . The technology allows banks to message each other in real - time to confirm payment details before the transaction takes place and to confirm delivery once it is completed . The programme is the first of its kind from a central bank and provides KSA transactions with a regulatory sandbox , programme management and training .
Ripple and the Saudi Arabian Monetary Authority (SAMA) have partnered to create a pilot programme designed to support the kingdom's banks that choose to use xCurrent for cross-border payments. Ripple's xCurrent offers cross-border transfers with end-to-end tracking and bidirectional messaging at a low cost. The technology allows banks to message each other in real-time to confirm payment details before the transaction takes place and to confirm delivery once it is completed. The programme is the first of its kind from a central bank and supports KSA banks with a regulatory sandbox, programme management and training.