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Ripple: Top SABB, Induslnd Bank officials elucidate uses of new remittance corridor between Saudi Arabia and India

Arijit Sarkar

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Ripple announces new remittance corridor from Saudi Arabia to India
Credit: Pixabay

India remains on the sidelines of cryptocurrency regulation, with clarity on the subject eagerly awaited by many in India’s crypto-community. While the country is facing a potential blanket ban on crypto, Ripple shared a video hinting at India’s wider participation in the field. The clip was shared on Ripple’s official website, and detailed the launch of a new remittance corridor from Saudi Arabia to India.

In the video shared by Yoshitaka Kitao on Twitter, Saudi Arabia British Bank’s [SABB] representative, Ghada Al Jarbou, expanded on the bank’s vision for “a future proof technological solution” which was aligned with Ripple’s strategy for implementing “cheap, transparent and safe transactions”.

Al Jarbou noted that the bank had relatively low penetration in the regional remittance market. However, Ripple’s new announcement could be a boon for the market. This sentiment was shared by Amit Talwar, Induslnd Bank’s EVP & Head of Transaction Banking Sales, who noted that this was a “big opportunity for India”.

India’s position as a critical and highly desirable corridor for many financial service providers in the Middle East and North Africa [MENA] region was strengthened after it registered the highest remittance volume in the world in 2018 at $79 billion. Al Jarbou added,

“We [SABB] started this journey with India together to build a customer experience by providing transparency.”

Talwar also pointed out that the partnership was “one of the fastest bilateral tie-ups”, owing to the common willingness of the two countries and Ripple’s team. While SABB was implementing the technology as a means to enable transparent transactions, Al Jarbou said that the next step for SABB would be building up the volume of INR transactions, while adding new currencies to its remittance product.

For IndusInd, embracing Ripple has allowed the bank to be the first mover and get ahead of the change. By finding a committed partner, leveraging the power of Ripple’s technology and network, and adhering to the vision of becoming a leading remittance partner, Talwar believes that the bank is leapfrogging to the front of the market.





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XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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