Saudi Arabia's National Commercial Bank (NCB), the largest and oldest bank in the Middle East, has announced a partnership with Ripple to enhance its cross-border remittance services using blockchain technology.
Overview of National Commercial Bank
- Founded: First bank in Saudi Arabia
- Branches: 400+
- Assets: Ranked #2 in the Middle East
- Customers: Over 5.4 million globally
- Subsidiary: Majority stake in Turkiye Finans, the world’s largest Islamic bank
RippleNet Integration
According to Ripple’s official website, NCB is joining RippleNet, a global network of financial institutions leveraging blockchain to enable faster, more transparent international payments. This integration will:
- Connect NCB to payment corridors in North America and Asia.
- Serve as a critical step in building NCB’s global payment infrastructure.
Regulatory Approval
In February, the Saudi Arabian Monetary Authority (SAMA) piloted Ripple’s xCurrent platform for cross-border payments and subsequently approved NCB’s entry into RippleNet.
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Ripple’s Vision for Cross-Border Payments
Dilip Rao, Ripple’s Infrastructure Innovation Lead, stated:
"Central banks worldwide are exploring blockchain to reduce trade barriers and improve payment efficiency for businesses and consumers."
Ripple vs. Traditional Systems
- SWIFT: Dominates global payment corridors but lacks efficiency.
- Ripple’s Strategy: Targets underserved markets and complements legacy systems with xCurrent, then migrates users to xRapid for optimal performance.
Key Ripple Products
xCurrent
- Operates via existing proxy banking systems.
- Uses blockchain for real-time settlement and transparency.
xRapid
- Utilizes XRP as a bridge currency for near-instant cross-border transactions.
- Pilot users report 40–70% lower fees.
Impact on Saudi Arabia
- Remittance Market: $27 billion annually (10M+ overseas workers).
- Efficiency Gains: Ripple’s tech could streamline transfers and reduce costs.
- xRapid Launch: Expected to go live by year-end.
FAQ
Q1: How does RippleNet differ from SWIFT?
A: RippleNet offers faster settlements and lower fees via blockchain, while SWIFT relies on slower, legacy infrastructure.
Q2: What is xRapid’s role in Ripple’s ecosystem?
A: xRapid uses XRP to enable instant liquidity, cutting transaction times from days to minutes.
Q3: Why did SAMA approve Ripple’s pilot?
A: To modernize Saudi Arabia’s payment infrastructure and align with Vision 2030 economic goals.
Q4: How will this partnership benefit NCB customers?
A: Faster, cheaper international transfers and access to new global markets.
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