Central Bank of Saudi Arabia will test payments on the blockchain …

Central Bank of Saudi Arabia will test payments on the blockchain using Ripple technology

Cryptocurrency startup Ripple has signed an agreement with the central bank of Saudi Arabia, under which the country’s banks will test the company’s technology.

The Saudi Arabian Monetary Authority is the second institution of its kind to have expressed a desire to test Ripple’s solution. Last year, the startup entered into an agreement with the Bank of England.

“This revolutionary pilot program is the first of its kind. Participating banks will use xCurrent to instantly make payments to and from the country with increased transparency and reduced costs, “Ripple said..

The fact that Saudi Arabian banks are willing to test Ripple’s technology doesn’t come as a surprise when you look at the startup’s recent agreements. In early February, it became known that the British division of Santander Bank will launch a payment application based on the xCurrent solution (which does not use XRP cryptocurrency) in Spain, Brazil, the UK and Poland..

In addition, a large UAE financial company UAE Exchange signed an agreement with Ripple, under which it became a member of the RippleNet network..

Central Bank of Saudi Arabia will test payments on the blockchain ...

Today it became known that the payment giant Western Union is working with Ripple, but so far there is no talk of any outstanding results..

“We are interested precisely in the implementation of calculations and optimization of working capital, as well as in the regulation of processes using the blockchain,” said Western Union CEO Hikmet Ersek. “We do test, we do test with Ripple.”.

Ripple announced its ties with Western Union back in 2015, but until recently, representatives of the payment operator remained silent..