Last month, Asheesh Birla (SVP of Product at Ripple) stated in an interview that they will soon be announcing new xRapid corridors, and they did not disappoint. The newest corridor will focus on remittance between Saudi Arabia and India. The latter being the largest remittance recipient in the world, accounting for $79 billion out of $689 billion in 2018 according to the World Bank, an 11.4% share.
The corridor was made possible by a cooperation between the Saudi Arabian bank SABB (Saudi Arabia British Bank)and India’s IndusInd. SABB was one of the three banks chosen by the Saudi Arabian Monetary Authority (SAMA) to take part in its pilot with Ripple. to SABB’s Head of Global Liquidity and Cash Management Ghana Al Jarbou, Ripple provided the best solution by offering a “fast, cheap, transparent and safe transaction”.
On the other side of the partnership, IndusInd’s Head of Transaction Banking Sales Amit Talwar said that during his 15 years in this business, this has been one of their “most pleasant experiences in terms of going live with a new partner”. The entire integration process took a mere 6 weeks.
One of the features both parties are interested in is the transparency of blockchain technology. With Ripple, the transaction can be tracked second by second, and this allows both banks to create a user experience that would give comfort to all participants.
XRP image licensed via Shutterstock