After ripple dominated the news the last few days, there are more news to announce. Western Union has announced that Ripple is currently being tested to evaluate the possibilities of Blockchain for its own customers. Furthermore, the Saudi Central Bank is cooperating with Ripple to offer a pilot program for banks.
Hardly a day goes by without RippleNet announcing a new partnership, fueling the spread of Ripple technology. The day before yesterday we reported that Ripple has closed a whole series of new partnerships. In a public interview to Bloomberg, Western Union CEO Raj Agrawal commented on the cooperation between Ripple and his company. Currently you are in a test phase:
The Company has not found anything yet that would be a big unlock.
It will both the Bitcoin Blockchain analyzed in more detail, as well as first transactions with the RippleNet sent. This is intended to optimize cross-border payments and make them more cost-effective. The next days and weeks will show what the other results of this partnership look like.
Saudi Central Bank cooperates with Ripple
Yesterday, Ripple publicly announced that a partnership with the Saudi Arabian Monetary Authority, SAMA for short, was signed to help banks explore and exploit Ripple technology. The banks will not use the native token of the network XRP, but check the use of the software solution xCurrent. Saudi banks want to use the speed and cost efficiency of their clients’ transactions to cut costs in the long run.
xCurrent is software developed by RippleNet that enables banks and financial institutions to conduct cross-border transactions with seamless tracking and security. According to Ripple, cost reductions of up to 25% are possible and the transfers are processed almost in real time.
Participating banks from the Kingdom of Saudi Arabia wants to use xCurrent to instantly settle payments into and out of the country, with greater transparency and lower costs.
Ripple’s innovative blockchain solution is what it’s all about.
This puts the Saudi Central Bank in the now more than 100 strong Ripple partner network.
The ripple price has benefited greatly from the news over the last week and has risen by more than 50 percent during this period. The price for an XRP token at the time of writing is at 0.92 euros and a corresponding market capitalization of just under 36 billion euros (according to data from Coinmarketcap.com).