Saudi Arabia’s National Commercial Bank (NCB) Joins RippleNet
Ripple has announced that the NCB has joined RippleNet to connect with other banks and financial institutions globally in an effort to reduce cost, speed up settlements and increase transparency.
The cryptocurrency market has been unfair to cryptocurrencies since the start of the year but this has not stopped companies behind them from improving their product all over the world.
One of such companies is Ripple which is working its way into the global remittance ecosystem by making deals with banking giants across the globe.
Ripple partners Saudi NBC
The crypto company announced that it has partnered with National Commercial Bank (NBC) in the Kingdom of Saudi Arabia. This is seen as a huge win for Ripple, as NBC is the second largest bank in the Middle East, with a net worth of more than $120 billion.
Ripple announced last week that NCB would become a full-fledged member of RippleNet by the end of the fourth quarter of the year.
Previously Ripple helped Saudi banks improve their payment structure with the help of their xCurrent platform, a cross-border payment solution provided by Ripple.
With this latest development, NCB is looking to position itself to connect with other financial agencies across the globe.
The use of RippleNet by the bank will result in faster and more transparent international payment services for NCB’s clients.
Ripple added that before the deal went through, the Saudi Arabian Monetary Authority performed rigorous testing to ensure RippleNet sufficiently satisfies the needs of its users.
Following the announcement of the deal, NCB with the help of Ripple will now be open to more payment channels in North America and Asia.
NCB on its end is planning to continue expanding the operations of the bank.
The bank is said to be looking to acquire some fintech companies in Singapore while using Ripple to connect to financial institutions across the globe.
This deal is a big boost for RippleNet
Saudi Arabia continues to be one of the biggest players in the global remittance sector.
The World Bank’s remittance data for 2016 shows that over $37 billion was sent from Saudi Arabia, with the state receiving just $308 million.
Ripple believes that SMEs in the country that depend on NCB will benefit from an increased efficiency and transparency in their remittance service. This will in effect provide stability and help them grow their business faster.
Ripple continues to grow its remittance arsenal
With this latest development, Ripple has added one more weapon to its remittance arsenal. This news comes just days after it announced a similar deal with TransferGo.
The London-based firm revealed that moving forward, they shall be supporting blockchain powered transfer solutions enabling same day and almost immediate movement of funds from Europe to India.
The service by TransferGo will be available across Europe, further improving Ripple’s market reach.