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 Dilip Rao banks 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.