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Saudi British Bank Launches Ripple-Powered USD Settlement Service for Corporate Clients

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Tue, 11/02/2021 - 10:23
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Alex Dovbnya
Saudi British Bank has launched a USD cross-border settlement service powered by Ripple
Saudi British Bank Launches Ripple-Powered USD Settlement Service for Corporate Clients
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The Saudi British Bank has announced that it will leverage Ripple's technology in order to provide its corporate clients with instant USD settlements.

This is the third corridor that has been opened with the help of Ripple.

In 2019, the San Francisco-based company also helped Saudi British Bank to launch remittance corridors to India and Sri Lanka.

Ripple's Brooks Entwistle claims that the expansion of the partnership will benefit corporations and consumers in the region:
 

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.
 

Last month, Ripple CEO Brad Garlinghouse said that the Middle East was the company's fastest-growing region.

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Ripple's business activity has seen a five-fold increase there over the past year.

SABB become one of the first banking institutions to join the sprawling RippleNet network.

The Saudi Arabian bank started piloting Ripple's cross-border payment service with Indian rupees in December 2018 after forging a deal with the company earlier that year.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.