Categories

Most Popular

Breaking News: Sabb Bank Announces MasterCard and Ripple Partnership

RIYADH – In its endeavors and consistent efforts to provide the best digital services to customers and take advantage of the state-of-the-art technologies, SABB has developed international transfer services through its digital channels, in partnership with the financial technology companies “MasterCard Send” and “Ripple “.

Thus, the bank allows its customers to transfer funds instantly and securely to international beneficiaries, whether to bank accounts, electronic wallets, or via cash delivery to more than 30 international destinations. Now, SABB customers can transfer to more than 170 countries and use 38 different currencies.

The improvements also included development of relations with correspondent banks to include delivery of remittances on the same day for the selected currencies and providing a full remittance deposit service for beneficiaries for the US dollars corridor.

SABB is one of the first banks to obtain approval of the Central Bank of Saudi Arabia – within the framework of the experimental environment SandBox – to provide the service of updating customer data electronically “Know your Customer” through digital channels without the need to visit the branch, which has contributed positively to enhancing customer experience and currently represents 60% of the total customer updates for the targeted groups.

 

Become a Patron!
Back in May of 2019 Ripple announced a new corridor in between Saudi Arabia and India.  In 2018 Saudi Arabia’s central bank has signed a deal with U.S.-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology.


Source – https://saudigazette.com.sa/article/612198

Leave Your Comment

Your email address will not be published.*

Forgot Password

Ledger Nano X - The secure hardware wallet