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The Saudi British Bank launches a dollar settlement service using the Ripple system for companies

The Saudi British Bank launches a dollar settlement service using the Ripple system for companies

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Answer The Saudi British Bank launches a dollar settlement service using the Ripple system for companies

The Saudi British Bank announced its intention to take advantage of Ripple technology to provide its corporate clients with instant settlements in US dollars.

This is the third lane that is opened in the bank with the help of Ripple.

In 2019, the San Francisco-based company helped the Saudi British Bank launch remittance corridors to India and Sri Lanka.

hung Mr. Brooks Entwistle, Managing Director of the MENA region for Ripple, said the expansion of the partnership would benefit businesses and consumers in the region, adding:

We are excited to bring this to market in partnership with SAP and to continue our longstanding partnership for the benefit of businesses and consumers alike in the region.

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Last month, Ripple CEO Brad Garlinghouse said the Middle East is the company’s fastest growing region.

Ripple’s business activity has increased fivefold over the past year.

SABB became one of the first banking institutions to join RippleNet’s sprawling network.

The Saudi bank began trialling Ripple’s cross-border payment service in Indian rupees in December 2018 after striking a deal with the company earlier that year.

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