Ripple Partners With Saudi Central Bank For Cross-Border Payments

Ripple Labs today announced a pilot program with Saudi Arabia’s central bank, the Saudi Arabian Monetary Authority (SAMA). As part of this partnership, SAMA will use Ripple’s xCurrent technology to settle cross-border payments. According to Ripple Labs, SAMA’s use of xCurrent will allow “instant” settlement of cross-border transactions “with greater transparency and lower costs.”