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. The pilot, which will run from January until March 2018, is being conducted in collaboration with Ripple, SAMA and other financial institutions including Standard Chartered Bank of London, Barclays, UBS, Credit Suisse, Deutsche 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.
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.