Ripple has decided to open a new payment corridor between India and Saudi Arabia. The intention is to make cross-border payments much easier for Indian families that receive funds from workers abroad. India is one of the largest remittance markets around the world. The information was released by Ripple’s Navin Gupta at a recent Ripple Regional customer event for MENA.
Ripple Opens New Payment Corridor
There are several financial services providers in both the Middle East and North Africa (MENA) that are currently searching for new corridors between Saudi Arabia and India. This is why Ripple is now opening a new corridor between these two countries.
During a recent Ripple event for customers in the MENA region, Navin Gupta shared Saudi Arabia British Bank’s (SABB) and IndusInd’s experience launching this new solution. This is just one of the many examples of what other companies could be doing in the future and how they could improve users’ services.
The SABB is expected to become the second-largest bank in Saudi Arabia after merging with the Saudi Hollandi Bank. Ghada Al Jarbou, the Head of Global Liquidity and Cash Management at the bank, explained that despite being a leading institution in the country, the bank has a low penetration into the regional remittance market since people use third-party independent providers.
This is why they wanted to launch a new digital remittance product. Back in June 2018, the company completed its due diligence on Ripple and started to work on its product. At the same time, the firm was also selected by the Saudi Arabia Central Bank (SAMA) as one of the three banks that were going to take part in Ripple’s sandbox pilot.
Meanwhile, IndusInd is a bank in India that has a large remittance volume. According to Amit Talwar, the bank’s Head of Transaction Banking Sales, explained that the size of the Indian remittance market means that banks outside the region are searching for local partners.
Al Jarbou believes that one of the key advantages or Ripple for SABB’s customers is related to the tracking and transparency of the technology. Moreover, Customers have been impressed by the speed of the services offered and the capabilities that these products have.
Ripple is also working with a service called xRapid that uses the XRP digital asset in order to source liquidity on demand. At the same time, using this virtual currency is very positive for companies because they can reduce costs and make transactions much more efficient.
You can check out the latest video from Ripple here: