Saudi British Bank Launches Ripple-Based Instant Cross-Border Remittance Service

During the first Financial Sector Conference that took place on April 24 & 25, Saudi British Bank (SABB) disclosed the launch of real-time Cross-Border Transfer Service via Ripple’s blockchain payment technology.

This facility was announced during the first edition of the Financial Sector Conference as part of the Financial Sector Development Program held in Riyadh on April 24 & 25, 2019.

It is part of the financial institution’s business plan for digital transition and bettering customer satisfaction. In January 2018, SABB was one of the first Saudi banks to sign up with Ripple’s blockchain technology network under Saudi Arabia’s (SAMA) sponsorship.

This caused the effective employment of this innovation with cross-border remittance of Indian Rupee being the first successful Ripple-based trial in December 2018. SABB intends to add more nations and currencies in the future.

Regarding the newly launched service, Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB, said

“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.”

Najm further 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.”

SABB is a trendsetter in offering specialized facilities to the regional market through its extensive digital channels, in accordance with domestic and international developments. The bank is also leading others in providing many digital services in domestic market. This arises basically from the bank’s desire to keep abreast with time by offering essential banking facilities via its digital channels and allow clients to handle and easily check their financial dealings all through the day.

Last September, SABB turned out to be the first Saudi bank to participate in an enterprise software firm and international banking consortium R3-administered blockchain ecosystem. On April 24, Ripple disclosed that is sold XRP worth $169.4 million in 1Q19, a 31% increase over the last three months of 2018.