The American company Ripple announced a partnership with the largest bank of Saudi Arabia National Commercial Bank.
The credit institution will use the decentralized Ripple network to exchange data with other banks. In addition to the transfer of information, National Commercial Bank will be able through RippleNet to transfer money to its customers anywhere in the world, Bitcoin.News reports .
The RippleNet network will allow not only to instantly send funds to counterparties, but also to conduct financial transactions at a lower cost than using traditional payment systems.
National Commercial Bank was founded in Saudi Arabia in 1953, it has about 400 branches throughout the kingdom. Among the clients of the financial institution are more than 5.4 million individuals and companies.
The main advantage of the RippleNet network is that it can be performed through it in just four seconds, whereas in ether and bitcoin networks the transaction can take from four minutes to an hour. Note that many banks have already assessed the possibilities of the RippleNet network in the conduct of financial transactions.