Saudi Arabia Monetary Authority Promotes Ripple, Western Union Pilots Settlement Tests with Ripple Tech
Saudi Arabia Monetary Authority Promotes Ripple
Enormous notable banks, as well as money transfer giants, are starting to take advantage of Ripple’s technologies.
The Saudi Arabian Monetary Authority (SAMA) has already acknowledged and signed an agreement with Ripple. Thus two local banks will roll out Ripple’s services of xCurrent by March 2019. While SAMA may not adopt the technology, it will help educate and ensure that local banks understand the need of xCurrent.
The update was made by Steven Diap tweeting a video of Mohsen Alzahrani of SAMA giving details.
– We (central bank) don’t implement Ripple technology but we still work with Ripple to educate and encourage commercial banks to use their technology.
– 2 banks will go live with Ripple this quarter (Q1 2019) very soon
Mohsen Alzahrani – SAMA pic.twitter.com/FQtL8bzmJT
— Steven Diep (@DiepSanh) February 12, 2019
The technology of xCurrent ensures high volume and higher transactions to be sent instantly with very low fees. Compared to SWIFT technology, it is far more superior as it SWIFT operates in batches and not frequent high volume transactions like xCurrent.
The SAMA will also bring in positive signs of Ripple being used in Islamic countries where Islamic banking is popular.
Western Union Pilots Settlement Tests with Ripple Tech
As for money transfer agents, one of the biggest names in the industry Western Union has announced the exploration of cryptocurrencies. The General Manager of Asia Pacific at Western Union, Molly Shea explained in the Analyse Asia podcast that Western Union is digging into how settlements can be worked upon for the US Dollars and Mexican Pesos using Ripple’s technology.
“We’re piloting some settlement tests with Ripple for certain corridors, the US Dollar and the Mexican peso is one example..learning about possible opportunities.. the options that we choose need to be legitimate and widely acceptable for consumer use”.
Western Union is exploring xRapid, which unlike xCurrent utilizes XRP.
XRP recently lost it’s second position to Ethereum, with such major adoptions and updates on partnerships, XRP could start pacing its way back to its original position.
Image Source – CoinMarketCap
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