Major Retail Saudi Bank Joins Ripple Network for International Payments

[SuperBazooka]

Major Retail Saudi Bank Joins Ripple Network for International Payments
The National Commercial Bank, Saudi Arabia’s first established bank, has become the latest financial institution to join RippleNet, Ripple’s enterprise blockchain network.

A massive market for international remittances due to its sizable migrant worker population, the Kingdom of Saudi Arabia (KSA) has already seen its central bank pilot Ripple’s technology for instant international payments. With over 5 million customers worldwide, the National Commercial Bank (NCB) has followed the central bank in joining RippleNet to enable near-instant international payments with partner banks internationally.

RippleNet is Ripple’s enterprise blockchain network with over 100 financial institutions including banks, payment providers, remittance operators and other financial institutions using the SWIFT-replacement platform  for near real-time clearing and settlement of international transactions.

The bank will initially connect to financial institutions in North America and Asia, starting in Singapore, Ripple said in an announcement.

Ripple sees the KSA as one of the world’s largest sources for remittances over the last ten years. Citing World Bank statistics, 37 billion dollars in outward remittances were sent from the country in 2016, largely from a foreign worker population that remained over 10 million in 2018 despite a slowdown in the biggest Arab economy.

“For SMEs and corporations that depend on NCB, more efficient and transparent remittances will provide stability and help them grow their business faster,” Ripple added.

As CCN reported earlier in February, the Saudi Arabian Monetary Authority (SAMA) – the kingdom’s defacto central bank – became the first central monetary institution in the world to join RippleNet. The central bank initiated a pilot among regional banks using xCurrent, Ripple’s end-to-end tracking enterprise blockchain software.

Meanwhile, the central banks of Saudi Arabia and the UAE are concurrently working on a cross-border cryptocurrency for instant transactions between the two countries.
https://www.ccn.com/major-retail-saudi-bank-joins-ripple-network-for-international-payments/

[bobo012]

Interesting, but i dont see ripple as anything beneficial to us common people. If they even manage to use it efficiently in their system that is. I dont see ripple as anything useful for me

[Gozie51]

Interesting, but i dont see ripple as anything beneficial to us common people. If they even manage to use it efficiently in their system that is. I dont see ripple as anything useful for me

I think that could be for a reason that the figures can be manipulated with ripple being a centralized coin. Otherwise, there are other coins that are ranking tops there too. I wish ripples all the best , it is a good news for cryptos too.

[millensharon8]

Interesting, but i dont see ripple as anything beneficial to us common people. If they even manage to use it efficiently in their system that is. I dont see ripple as anything useful for me

As far as I am concerned, it will remain a centralized banker's coin and makes it susceptible to huge level of manipulation since we all know the history. The only good thing here would be to trade and make profit for the short term, but in reality it is just another fiat that is a crypto wannabe. I can see the reason for the spike in price coupled with the xrapid project.

[room237]

I put half a Bitcoin into Ripple at .28 cents.  A fairly small investment but I just felt I had to put something down on the "bankers" coin.  It just seems like Ripple is getting set up for the big time.  I agree it's complete centralizes trash.  I get that.  For Ripple I don't think it matters.  I believe it's going much higher.  After all who are you going to put your money on the central bankers or the people?   I just don't see the people even really understanding who their over lords are let alone in a position to fight them.  I put a small bet on the bankers just in case.  My baby needs to eat.

[flying_bit]

This is not something new with Ripple. Many banks and financial institution been using ripple tech (Ripple Net) for a long time but this have no huge impact with XRP token since the token not being use when financial institution using the ripple tech. Have you notice many familiar financial institution and companies associated with Ripple but the token still less than $1. Not only because it's centralized and many saying have unlimited supply but also because XRP token have no direct function with Ripple Net.