good news for the American start-up ripple Labs. The Saudi Central Bank wants to test their payment solution xCurrent in the framework of a pilot project. The trial aims to enable the many migrant workers as possible fast and cheap transfers to their home countries.
The Saudi Arabian Monetary Authority (SAMA) is the Central Bank of the Kingdom of Saudi Arabia. Ripple on Wednesday announced that it had concluded a cooperation with the SAMA. Due to the many migrant workers who each month send their wages to their families at home, Saudi Arabia for alternative payment systems is an interesting market. The Central Bank is the payment technology xCurrent of ripple in a pilot program test. Target’s international transactions faster, cheaper to make as transparent.
For the Saudi royal family it is not the Kryptowährung named XRP primarily the ripple monetary system. In the final form, the online financial system to a decentralized peer-to-peer payment system as also a marketplace for various fiat currencies such as euros, US dollars & v. m. be. In principle, trust the banking system is thereby transmitted on a digital level. So how you trust a bank that she also really pays off the credits in the amount of 100 euro one, there are ripple a digital register with all account balances, the decentralised management. a direct connection to and between the banks produces
xCurrent on the other hand. Even before the sales are completed, they can be previously validated and calculated the costs. The company ripple Labs coordinated transactions between banks and confirmed this by cryptographic signatures. More information can be found that English-language video of provider, for example, in .