A subsidy of financial giant HSBC, Saudi British Bank (SABB) has officially launched an instant-cross border payment system powered by Ripple, as reported by the bank in an official post.
Majed Najm, the deputy managing director of corporate and institutional banking at SABB, states that incorporating the product in itself is a big win for its consumers as they can now avail the speed and transparency of cross-border transactions.
“SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of blockchain technology through Ripple. The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.”
Indian Rupee is the first currency to be available on the platform. The Saudi British Bank (SABB) is one of three banks with the go-ahead from it’s country’s central bank to use Ripple’s technology. As of now, SABB hasn’t specified Ripple’s cross-border payment solutions will it use.
In most likeliness, the bank will be powering payments with Ripple’s xCurrent and not xRapid which utilizes the digital asset XRP. Launched late last year, xRapid is still rolling out, while xCurrent is more widely adopted and accepted by regulators.
Image source – SABB Twitter