Thailand SCB Confirms Using Ripple Powered Solution; Rejects Previous Claims

By Supriya Saxena
Published August 23, 2019 Updated August 23, 2019
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Thailand SCB Confirms Using Ripple Powered Solution; Rejects Previous Claims

By Supriya Saxena
Published August 23, 2019 Updated August 23, 2019

Per a recent website update, Siam Commercial Bank Thailand has officially agreed to using Ripple to power cross-border payments through its Easy Pay app. Further, the site gives a detailed description of how it is using Ripple’s Technology.

                                                                   Source- SCB Website

Previously, the bank had denied its plans to start using Ripple’s XRP token, contrary to earlier indications. The bank’s denial was communicated in a tweet published on June 7

                                                                 Source- Twitter

Easy Pay lets the bank’s customers transfer funds to US, UK, Germany, France, Italy, Spain and Singapore. Moreover, payments to the United Kingdom and Singapore are transferred in real-time.

An SCB official said

“With Ripple blockchain technology, money reaches the destination account within seconds or no more than three days, depending on the money transfer system in the destination country. Why did we look at Ripple? Because we saw that it has a customer-centric capability. It was giving customers what they wanted, not what we as a bank wanted to push.”

From the CTO’s Desk

SCB’s tryst with Ripple began in 2016, and the company’s chief technology officer Colin Dinn said,

“With Ripple, we found a way and a partner that could actually work with us in a very different way… We have got aggressive ambition. We want to do things differently. We want to really change. We don’t see a bank being relevant to its customers in the next five to eight years. In fact, my personal view – not the bank – but my personal view is it’s going to be very hard for a bank to exist in five to eight years. There will be a product behind some other brand.”

 

Part of Several Blockchain Initiatives

Interestingly, the bank has several blockchain-related initiatives in its name. In April, Thai state oil company PTT Exploration and Production Public Company Limited and SCB successfully carried out a test of blockchain’s use for cross-border business-to-business payments.

In September 2018, SCB had introduced RippleNet’s multi-hop feature. The feature allows for settlement of payments on behalf of other financial institutions present on the network.

 

 

 

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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