Ripple executives say the goal of the agreement is to streamline cross-border payments using advanced technologies. CIB is considered the second major Egyptian bank after the National Bank of Egypt (NBE) to use Ripple technology for cross-border transactions.
Former Ripple director Sean McBride recalled Ripple's successful collaboration with Japanese money transfer service provider SBI Remit. By using XRP for international transfers, CIB will be able to speed up transaction execution for millions of customers, reduce their costs and improve transaction security, McBride boasts.
The Central Bank of Egypt (CBE) is actively exploring the possibilities of its own digital currency, E-Pound. The Central Bank is preparing to introduce it into the settlement system by the beginning of 2030.
Source: Bits
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