Central Banking

Sama enables blockchain for cross-border payments

Exterior of the Saudi Arabian Monetary Authority
Light Touch Studio

Saudi Arabia’s central bank has teamed up with blockchain company Ripple to improve the nation’s payment infrastructure.

Under the agreement signed between the San Francisco-based firm and Saudi central bank on February 14, domestic banks in Saudi Arabia will be permitted to join a pilot programme to use Ripple’s xCurrent programme to instantly settle cross-border payments.

A number of financial institutions around the world already rely on Ripple to provide end-to-end tracking and instant

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