Saudi British Bank using XRP
Remember last year when Ripple held Swell, the company’s annual conference?
During the conference, the company announced its new product and SWIFT competitor, xRapid. The platform is meant to replace the SWIFT system most banks and payment providers that will be cost effective for both the institution and eventually will reflect on the customers’ end (fewer fees, etc).
Ripple also offered two other solutions, xCurrent, and xVia that could further support payment transfers via XRP.
Last week the at the Financial Sector Conference held on April 24th, the Saudi British Bank (SABB) announced the launch of its Instant Cross-Border Transfer Service. The bank will be using XRP for liquidity and will, of course, run on Ripple’s blockchain.
SABB initially joined the Ripple network back in January 2018. They were one of the companies that were testing Ripples payment platforms to replace SWIFT during beta. The bank’s first transaction was conducted in December of last year. Needless to say, looks like SABB found it to be a success.
The Deputy Managing Director from SABB Majed Najm stated:
“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.”
In addition to this news, the XRP liquid index has been added to NASDAQ indices. NASDAQ now has 3 crypto indices, BLX (BTC), ELX (ETH), and now XRPLX (XRP) all provided by Brave New Coin. What can we say, we saw it coming.
Read the full story of how this all started in our blog post Brave New Coin.
Until then, Happy Trading!