Saudi British Bank (SABB) a Riyadh-based Saudi joint stock company has released an instant cross-border transfer service backed up by Ripple, as per the press release on April 25.
The bank also mentioned that the new ripple powered platform released at the Financial Sector Conference in Riyadh on April 24 and 25, is the main part of its “strategic plan towards digital transformation and enriching customer experience.”
As per press release, SABB is the only bank in Saudi Arabia to join the Ripple's network. The technology was effectively activated via a pilot transaction in December 2018 using Indian Rupees.
Majed Najm, who is the SABB's deputy managing director of corporate and institutional banking, stated that the platform will provide fast and highly transparent cross-border payment services. Najm said,
“This step is part of the bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.”
He also said that this technology will help us to maintain our position in fulfilling the goals of our bank's customers, whether they are in the retail or corporate sector, and support our goal to become the leading bank in the Kingdom.
Currently, the Indian Rupee is the first currency to be available via the platform, and SABB plans to add more countries as well as currencies in the near future.
Presently, SABB is one of the five largest Saudi Bank by Deposits. With around eighty branches in Saudi Arabia and one branch in London, England the bank great reputation.
In September 2018, SABB has effectively become the first Saudi bank to have a membership in blockchain ecosystem functioned by R3, a software firm and global banking consortium.
The bank is popular for its strong reputation in Asia especially. In 2018, for 10 successive years, the bank has been known by the Global Finance Magazine as the “Best Trade Finance Bank”.