Saudi British Bank launches blockchain cross border payment with Ripple

Saudi British Bank (SABB) announced during the Financial Sector Conference on 24th & 25th April the launch of Instant Cross-Border Transfer Service through the blockchain payment technology powered by, Ripple. The launch of this service was announced during the first edition of the Financial Sector Conference as part of the Financial Sector Development Program that was held on April 24th & 25th, 2019 in Riyadh. This service is part of the Bank’s strategic plan towards digital transformation and enriching customer experience.

In January 2018, SABB was among the first Saudi Banks to join Ripple’s network for blockchain technology under the patronage of the Saudi Arabian Monetary Authority (SAMA). This led to the successful activation of this technology with the Indian Rupee currency of cross-border transfers through the implementation of the first successful Ripple-based transfer pilot transaction in December 2018.

Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB commented “This step is part of the Bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers. This is also to maintain our leading position in achieving the ambitions of the Bank’s customers whether in the retail or corporate sector, and to support SABB’s vision to be the leading global bank in the Kingdom.”

Mr. Najm added, “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.”