One of Thailand’s leading universal banks Siam Commercial bank (SCB) now uses Ripple's payment network to send cross-border payments with digital money transfer service Azimo.
According to an official announcement, with the help of the RippleNet, SCB and Azimo can clear Pounds and Euros into Thai Baht "in less than a minute."
Michael Kent Azimo co-founder and executive chairman says more and more countries are going to instant payment.
"Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe," he added.
Back in March, Ripple Inc. announced a partnership with DeeMoney, a Thai fintech company focused on digital cross-border money transfers.
DeeMoney became the first non-bank institution in Thailand to use RippleNet's technology.
Meanwhile, a cryptocurrency wallet XUMM backed by Ripple's XRPL Labs is now live in BETA mode. The mobile wallet is available for both iOS and Android devices.
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