A $50 Billion Giant Banking Launches International Ripple XRP Payments

By Saudi British Bank (SABB) announced the launch of its Instant Cross-Border Transfer Service, a Ripple blockchain-based payment infrastructure using crypto-asset XRP for liquidity, at the Financial Sector Conference on April 24.

With almost $ 50 billion in assets, SABB first joined the Ripple network in January 2018 with support from the Saudi Arabic Monetary Authority (SAMA) to use emerging blockchain technology to process payments.

The bank said it was carrying out its first pilot transaction on the Ripple blockchain network in December later that year, continuing to work with Ripple to implement blockchain technology on the payment system of the bank.


Ripple’s CEO, Brad Garlinghouse, has always been consistent with his vision of overtaking Swift as a dominant provider of banking infrastructure.

Garlinghouse told Bloomberg in November 2018 :

The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree. What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift.

In order for Ripple to compete with Swift, which could be challenging in the near to medium term due to the existing relationship between Swift and the world’s largest banks, it would need to secure as many banks as possible as partners to increase XRP’s liquidity and improve Ripple blockchain usability.

A network such as Swift is at its core a messaging platform used by banks to communicate and process information. Payments are, in essence, data processed by service providers from third parties or network operators such as Swift.

If there is a limited number of financial institutions on a network, whether it is a centralized protocol or a blockchain protocol, the extent to which the network can be used to send and receive payments to both banks and users is restricted.

One criticism against Ripple was the importance on its network of financial institutions. While major banks like South Korea’s top banks KB Kookmin Bank and Japan’s SBI Holdings have been working with Ripple to conduct pilot tests, the bigger banks ‘ actual use of the Ripple blockchain networks remains uncertain.

Majed Najm, SABB’s Deputy Managing Director Corporate and Institutional Banking, said in an official statement that its implementation of Ripple marks a positive start to a new roadmap and intends to expand its services in the future to more countries.

Najm said:

SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple”. The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.

Strong strategic partnerships with multi-billion dollar institutions could put Ripple in long-term competition with Swift if its blockchain technology is used by partner banks on a regular basis.


Major financial institutions like JPMorgan Chase, the largest bank in the U.S., have begun committing to the blockchain market in recent months, launching their own crypto-assets. In February, JPMorgan released JPM Coin, a digital blockchain asset designed to process instant payments for customers of the bank.