NCB joins Rip­pleNet

Banking Frontiers - - Banking In The Gulf -

Saudi Ara­bia’s the Na­tional Com­mer­cial Bank has joined Rip­pleNet, Rip­ple’s en­ter­prise blockchain net­work. The king­dom’s cen­tral bank has al­ready done a pi­lot us­ing Rip­ple’s tech­nol­ogy for in­stant in­ter­na­tional pay­ments. With over 5 mil­lion cus­tomers world­wide, the Na­tional Com­mer­cial Bank has fol­lowed the cen­tral bank in join­ing Rip­pleNet to en­able nearin­stant in­ter­na­tional pay­ments with part­ner banks. Rip­pleNet has over 100 fi­nan­cial in­sti­tu­tions in­clud­ing banks, pay­ment providers, re­mit­tance op­er­a­tors and other fi­nan­cial in­sti­tu­tions us­ing the SWIFTre­place­ment plat­form for near real-time clear­ing and set­tle­ment of in­ter­na­tional trans­ac­tions. The bank will ini­tially con­nect to fi­nan­cial in­sti­tu­tions in North Amer­ica and Asia, start­ing in Sin­ga­pore.

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