Saudi Arabia’s National Commercial Bank Joins Ripple Blockchain Networkbr>
Saudi Arabia’s National Commercial Bank (NCB) has joined RippleNet, a network of institutional payment providers that use blockchain solutions developed by Ripple. Currently, RippleNet has more than 100 financial institutions signed up to its network, including Santander, UniCredit, UBS and Standard Chartered.
NCB is the second largest bank by asset in the Arab world and practices Islamic banking and finance. The bank claims to have more than 5.4 million customers worldwide.
Through RippleNet, NCB will connect to other banks, payment providers, crypto exchanges, and corporates around the world. Ripple’s blockchain technology will also provide NCB customers with “faster and more transparent international payment services.” Ripple said NCB will be in production on RippleNet by the end of Q4 2018.
“The bank will first connect to financial institutions in North America and Asia, starting in Singapore,” Ripple said. “Launching these two critical payments corridors out of the gate offers immediate value to NCB’s customers — services in regions that they have not had access to before.”
Ripple said that NCB’s decision to join RippleNet is an innovative step forward in blockchain adoption in both the Kingdom of Saudi Arabia and across the Middle East.
“For SMEs and corporations that depend on NCB, more efficient and transparent remittances will provide stability and help them grow their business faster,” Ripple said.
The news follows Ripple’s pilot with the Saudi Arabian Monetary Authority, the country’s central bank, in February. The central bank signed an agreement with Ripple to help banks in the region improve their payments infrastructure using xCurrent, a blockchain solution that instantly settles cross-border payments with end-to-end tracking and bidirectional messaging.