Saudi British Bank (SABB) has launched the Instant Cross-Border Transfer Service for the United States (US) Corridor through the Blockchain payment technology powered by, Ripple. The launch of this service was announced during the fifth edition of “The Future Investment Initiative Institute” lead by the Public Investment Fund (PIF) held on October 26th – 28th, 2021 in Riyadh. Ripple powered solutions continue to be part of SABB’s strategic plan aimed towards digital transformation and enriching customer experience aligning the initiative with the Vision 2030 and Financial Sector Development Program.
SABB is the 1stSaudi Bank to join Ripple’s network for Blockchain technology, and the 1st bank in the region to offer near real-time USD settlement for their corporate clients. This expansion of the solution to cover the US corridor is the 3rd one through Ripple, post the successful activation of this technology with the Indian Rupee & Lankan Rupee in early 2019. With the country’s focus on digitally enabled solutions, SABB will continue to bring innovative solutions to its customers in a more globally and inclusive Saudi Arabia.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA added, “Over the past few years, Ripple has built the first in-market solutions leveraging blockchain technology to revolutionize cross-border payments. We’re excited to bring this to market in partnership with SABB and to continue our longstanding partnership to the benefit of corporates and consumers alike in the region.”