Ripple made headlines yet again by adding one of the largest financial institutions of the Middle East, The National Commercial Bank of Saudi Arabia(NCB), as its new enterprise customer. As stated by Ripple, NCB joined RippleNet for instant cross-border payments.
RippleNet is a network of banks and payment providers using RippleNet for processing payments which include the option of leveraging XRP to lower liquidity costs and increasing speed.
NCB manages 512 branches across the Kingdom of Saudi Arabia. It has over 3.3 million customers and is the largest financial asset manager in the Middle East.
"NCB will connect to other financial institutions around the world through RippleNet. Ripple's blockchain technology also provides their customers with faster and more transparent international payment services.
The bank will first connect to financial institutions in North America and Asia, starting in Singapore. Launching these two critical payments corridors out of the gate offers immediate value to NCB's customers - services in regions that they have not had access to before."
NCB is expected to go into production by the end of the year.
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