On 14 February, Ripple announced an unusual partnership. The cryptocurrency is now collaborating up with the Saudi Arabian Monetary Authority (SAMA) and it will help banks in Saudi Arabia to carry out support for banks in the country who want to support cross-border trading via Ripple’s technology.
The pilot programme will feature a number of banks, which will make use of the xCurrent platform to carry out instantaneous cross-border payments. Blockchain, the underpinning technology to support all cryptocurrencies, has long been touted for its ability to carry such transactions in the blink of an eye.
What is more, cryptocurrencies have also been making a rather vociferous case for that particular advantage they have had over FIAT currencies for a while now.
With Ripple, however, it is possible to see this trend reversed. Instead of trying to buck the trend and establish itself apart from all FIAT currencies and traditional banking institutions.
We believe that if cryptocurrencies work closely with traditional banking institutions there will have a much better reception of the somewhat infamous chunks of digital gold.
Back to xCurrent, the software will ensure end-to-end tracking, which will help customers enjoy light-of-speed money transfers. Needless to say that will have huge effects on business with money getting to vendors and manufacturers in an instant rather than having to delay orders because the money may or may not have been sent.
SAMA will support banks located in the Kingdom of Saudi Arabia providing assistance in terms of trading and preparing individuals to cope with the rather more intricate technical side of matters.
This has not been the first time that Ripple has partnered up with financial institutions. In fact, the cryptocurrency is now linked to 100 companies that have to do with finances, making for a rich offering.