The domestic blockchain-based cross-border payment solution of Ripple Labs Inc. has just bagged one of its largest customers in Asia – the National Commercial Bank of Saudi Arabia. Saudi Arabia’s National Commercial Bank (NCB) is one of the biggest banking giants in Asia and it is currently worth over $120 billion.
The firm made the announcement on the 13th of September that the National Commercial Bank of Saudi Arabia would become a full-fledged member of RippleNet by the end of the fourth quarter of this year.
The Partnership of Ripple and NCB Will Facilitate the Sending and Receiving of Money Globally
The partnership between the National Commercial Bank and Ripple Inc. accompanies the pilot that was conducted recently that saw Ripple helping Saudi Arabia banks to enhance their payment structure using xCurrent – one of the products of Ripple that facilitates global payments.
By becoming a part of the network of RippleNet, the National Commercial Bank of Saudi Arabia expected to arrive at a better position to effortlessly connect to financial institutions all over the world. This will also result in the clients of the bank experiencing more transparent and much faster cross-border payment services.
The bank intends to start this technological transformation by targeting payment providers and financial institutions in Singapore by the end of 2018. NCB also plans on using RippleNet to connect to financial institutions in Asia and North America.
A Big Win for RippleNet
This Deal is indeed a big win for RippleNet as Saudi Arabia is one of the biggest players in the global remittance market. According to stats, in 2016, over $37 billion was sent from Saudi Arabia in remittance, and only $308 million was received.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP is changing hands at $0.2766 after a decrease of less than one percent over the past twenty-four hours. The current market of the digital currency is $11.01 billion and its trading volume over the past twenty-four hours is $209.11 million.