Multibillion Banking Giant SABB Launches Cross-Border Transfers with Ripple’s XRP

2019-5-1 12:16

Coinspeaker
Multibillion Banking Giant SABB Launches Cross-Border Transfers with Ripple’s XRP

Last week, during the Financial Sector Conference, Saudi British Bank (SABB) launched its Instant Cross-Border Payment Service powered by Ripple’s blockchain technology. The announcement comes amidst the bank’s plan for a strategic shift towards “digital transformation and enriching customer experience”.

SABB is a multibillion-dollar banking giant currently controlling $50 billion in assets. SABB joined Ripple’s blockchain network last year in January 2018 under the support of the Saudi Arabian Monetary Authority (SAMA). Also, by December 2018, SABB processed its first-ever payment in Indian Rupee/INR using Ripple’s blockchain technology.

Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB, called it a crucial step initiated by SABB in improving its banking services. Najim notes that using the latest technology and global products available, SABB plans to establish systems that help to save time and effort for their customers.

Furthermore, the initiative will also bolster SABB’s position as a “leading global bank in the Kingdom”. Najim 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.”

This strategic partnership can give Ripple an edge over its SWIFT competitor.

Ripple- Competing With SWIFT

The emergence of blockchain technology is changing the dynamics of global banking. Riding on the blockchain wave, Ripple is slowly emerging as a major competitor to Swift. However, for Ripple to topple Swift in its game, it has to bring as many banking partners as Swift to its platform. For this, Ripple needs to boost the liquidity of XRP and enhance the usability of the Ripple blockchain network.

Ripple CEO Brad Garlinghouse is pretty confident and consistent in his vision to make Ripple a dominant player in providing banking infrastructure. In November 2018, speaking to Bloomberg, Garlinghouse said:

“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree. What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift”.

JPMorgan – A New Ripple Challenger

While Ripple plans to emerge as a leader in blockchain-based banking payments systems, the road ahead is not easy. This is because Wall Street banking giant JPMorgan is already working on its blockchain plans.

Last week CoinSpeaker reported that JPMorgan has now over 200 banks signed up to its IIN blockchain network. JPMorgan’s Interbank Information Network (IIN), is a permissioned variant of the Ethereum blockchain.

Also, the IIN network has seen sign-ups from some of the world’s leading banking institutions like the Royal Bank of Canada, India’s ICICI Bank, Bank of Sharjah, National Australia Bank Limited, and more.

When it comes to occupying a larger pie of the blockchain-based banking space, other players like IBM and Stellar are also in this race.

*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome Ripple guide.

Multibillion Banking Giant SABB Launches Cross-Border Transfers with Ripple’s XRP

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) íà Currencies.ru

$ 0.5323 (+0.16%)
Îáúåì 24H $1.605b
Èçìåíåèÿ 24h: 2.45 %, 7d: 1.69 %
Cåãîäíÿ L: $0.5171 - H: $0.5366
Êàïèòàëèçàöèÿ $29.503b Rank 7
Öåíà â ÷àñ íîâîñòè $ 0.3035 (75.39%)

ripple cross-border transfers multibillion launches banking giant

Èñòî÷íèê: coinspeaker.com

ripple cross-border → Ðåçóëüòàòîâ: 126


Ripple’s cross-border technology possibly breaks into China while IOTA hangs out with bankers

Ripple’s cross-border technology breaks into China? Ripple recently saw an opening to offer its cross-border payment technological solutions in the land of the red dragon. The opening is a result of partnership between American Express, US-based payment company and LianLian Group, a Chinese third-party payment service provider.

2018-11-13 14:55


Ôîòî:

Indian Bank Set to Adopt Ripple for Cross-Border Payments

While India remains a no-go area for bitcoin and other cryptocurrencies, Ripple Labs, the developer of  XRP, is busy making inroads into the Asian nation, as per a report on August 2, 2018. Ripples Everywhere According to an FXStreet, the State Bank of India (SBI), the country’s institutional banking authority, is set to start facilitating instantaneous cross-border payment solutions with Ripple.

2018-8-4 14:00


Ôîòî:

Ripple XRP Partner Has Launched In The UK

Southeast Asia’s leading virtual cross-border currency transfer service provider InstaReM, has now launched in Europe with its main operation being headquartered in London. The European market approach by InstaReM is aimed to ‘bottom out’ the market and name itself as “price champion”, just as it achieved a similar accolade following the companies launch in Southeast Asia in 2014.

2018-6-19 14:00


Ripper: Banks can not apply to Blockchain for future cross-border loans in the future

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13. In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs, the technology is still not

2018-6-14 09:20


Ripple Introduces the University Blockchain Research Initiative

Interest in blockchain is soaring, with a groundswell of activity taking place on the campuses of the world’s top universities. From new business use cases — such as making cross-border payments faster, lower cost and more transparent — to uses of blockchain for good, students and faculty globally are emerging as major contributors to the … Continued The post Ripple Introduces the University Blockchain Research Initiative appeared first on Ripple.

2018-6-17 13:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Crypto whales move 283 million XRP, stir market frenzy

XRP, the cryptocurrency backed by Ripple Labs, has caught the attention of crypto market participants today, May 20, as significant whale transactions have created a buzz. These movements come amid a period of highly volatile price action for XRP, prompting traders and investors to speculate on potential gains.

XRP Holders In Panic Selling Frenzy? Sub-$0.50 Looms

The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future.

Tether CEO slams Ripple chief’s USDT remarks: Here’s what he said

Tether CEO Paolo Ardoino has slammed Ripple CEO Brad Garlinghouse’s remarks that the US government is “going after” Tether (USDT) as mere “FUD.” The Tether CEO also hit back at Garlinghouse as a CEO at the helm of a company currently under investigation by the US Securities and Exchange Commission (SEC). UDST is the world’s […]