The Saudi British Bank has launched an instant cross-border transfer service for the 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, lead by the Public Investment Fund, held on Oct. 26-28 in Riyadh. Ripple-powered solutions continue to be part of SABB’s strategic plan aimed toward digital transformation and enriching customer experience and aligned with Vision 2030 and the Financial Sector Development Program.
SABB is not only the first Saudi bank to join Ripple’s network for blockchain technology, but is also the first bank in the region to offer near real-time USD settlement for its corporate clients. This expansion of the solution to cover the US corridor is the third one through Ripple, post the successful activation of this technology for the Indian rupee and Lankan rupee in early 2019. With the Kingdom’s enhanced focus on digitally-enabled solutions, SABB aims to continue to bring innovative solutions to its customers in the country.
Majed Najm, deputy managing director corporate and institutional banking at SABB, said: “SABB has always been at the forefront of adopting cutting-edge technology solutions, providing the best banking services and tailoring solutions that save time and effort for our customers. Such initiatives also help in maintaining our leading position in achieving the ambitions of the bank’s customers and in supporting SABB’s vision to be the leading global bank in the Kingdom.”
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.”