Thai Bank SCB Launches Cross-Border Payments App on Ripple

Source: Finance Magnates 2020-01-09

Siam Commercial Bank (SCB), the oldest bank in Thailand, has partnered with Ripple to develop a mobile application facilitating instant cross-border payments.

Announced by Ripple on Wednesday, the mobile application – SCB Easy – will run on the blockchain company’s technology.

During the launch of the new platform, Arthit Sriumporn, senior vice president of the bank, announced: “It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”

He also showcased a live demo of the platform which ensures that funds can be transferred in less than a minute.

Ripple

Thai Bank SCB Launches Cross-Border Payments App on Ripple

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!