SABB rolls out Ripple-powered cross-border instant payments service

Saudi British Bank (SABB) has announced the launch of a Ripple-powered Instant Cross-Border Transfer Service.

SABB is a Saudi joint stock company that aims to provide a complete range of integrated banking products and services to both retail and corporate sectors. It is an associate of the HSBC Group.

The bank said that the launch of the blockchain-based service is part of its strategic plan towards digital transformation and enriching customer experience.

Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB, said that the roll out of the service is part of SABB’s 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.”

SABB joined Ripple’s blockchain network in early 2018 under the patronage of the Saudi Arabian Monetary Authority (SAMA). The launch follows the implementation of the first successful Ripple-based transfer pilot transaction involving the Indian Rupee in December 2018.

"SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple”. The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future,” Najm added.

In September 2018, SABB became the first bank in the Kingdom of Saudi Arabia (KSA) to join the global blockchain consortium led by R3. David Rutter, CEO of R3, said at the time that SABB would be able to use Corda to “actively participate and work towards development of solutions based on blockchain to meet the growing needs of its customers.”