National Commercial Bank (NCB) Joins RippleNet

National Commercial Bank (NCB) Joins RippleNet

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Answer National Commercial Bank (NCB) Joins RippleNet

A statement issued today indicated that the National Commercial Bank (NCB) has joined the RippleNetwork with the aim of facilitating international payment methods and making them more transparent through the Ripple network.

Over the past ten years, the Kingdom of Saudi Arabia occupied an important position in the sources of remittances around the world. According to World Bank data in 2016, 308 million dollars were sent to Saudi Arabia, and 37 billion dollars were sent from Saudi Arabia to various parts of the world.

The National Commercial Bank will start providing its services through the Ripple network by the end of the fourth quarter of 2018, and the bank will connect with other financial institutions around the world through the RippleNet network, and the bank will benefit from the blockchain technology to accelerate international payment services and achieve a better customer experience.

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mentioned Statement The first step will be implemented by linking the National Commercial Bank (NCB) with important areas of payment systems to provide an instant transfer service, and the service will start to link the continent of North America and Asia.

This step confirms the leadership of the National Commercial Bank in adopting modern and innovative technologies to provide more advanced services characterized by standards of speed and safety, as the National Commercial Bank is the second largest bank in the Middle East in terms of assets and provides its services to more than 4.5 customers through 400 branches around the world. Kingdom Saudi Arabia.

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The joining of the National Commercial Bank to the RippleNet network will contribute to benefiting from the capabilities of blockchain technology and instant payments, as this joining will allow the National Commercial Bank’s customers to make international money transfers quickly and immediately thanks to the technology, with higher accuracy and lower costs.

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