One of the major banks in Saudi Arabia, The National Commercial Bank, has become the latest financial institution to join RippleNet which is Ripple‘s enterprise blockchain network. In the latest altcoin news, this move is contributing to the massive market for international remittances mostly due to its sizeable migrant worker population.
The National Commercial Bank, also known as NCB, has more than 5 million customers worldwide and recently followed the central bank in joining RippleNet to enable near-instant international payments with partner banks all around the world.
Meanwhile, RippleNet is known for being the blockchain network behind Ripple – with over 100 financial institutions such as banks, payment providers, remittance operators and other financial institutions using its SWIFT-replacement platform for near real-time clearing and settlement of international transactions.
NCB will initially partner up with institutions in North America as well as Asia, according to Ripple’s announcement.
After the Saudi Arabian Monetary Authority (SAMA) became the first central monetary institution in the world to join RippleNet in February this year, the central bank initiated a pilot in which it uses xCurrent – Ripple’s end-to-end tracking enterprise blockchain software.
On top of this, the central banks of Saudi Arabia and the UAE are now working on a cross-border cryptocurrency for instant transactions between the two countries.
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