Ripple has partnered with Thailand’s oldest bank, the Siam Commercial Bank (SCB), to launch a promotional offer to reduce the cost of international money transfer in Thailand, purposely to ease the affairs of people in the country.
The promotional money Transfer service according to available information will be made possible through SCB EASY. The blockchain solution provider with SCB decided to lower the cost of money transfer from 339baht to 199 baht.
The promotion covers USD, Pounds, Euros, and Singapore dollars in twelve major countries. The countries are Portugal, Belgium, Austria, Ireland, Netherlands, Spain, Italy, Germany, France, Singapore, the US, and the UK.
After gaining approval to leave the Bank of Thailand (BoT) regulatory sandbox, SCB co-launched SCB Easy app with Ripple, an outward remittance service designed for Thailand inhabitants.
SCB Easy makes use of RippleNet to service customers in Thailand and beyond. The remittance service is available 24 hours a day.
Transfers through SCB Easy come fortified with e-slip and customers do not need to attach any proof of payment or apply in advance.
Every transaction on SCB Easy auto generates receipts saved to mobile phones and notifies fund recipients through the social platform.
Interestingly, fund transfer is almost instant, however, depending on the system at the destination, the fund should be remitted not be more than five days.
Another important value of SCB Easy is that the recipient receives the actual amount transferred without any form of foreign bank charges.
Ripple and SCB have been partners since. The bank says it settles transaction within 1 minute and services close to 60,000 monthly person to person transactions. Also, SCB makes $400M monthly person to person remittance settlements through Ripple.
With RippleNet, SCB says it connects the world and banks using SCB Easy app. The Thailand’s oldest bank aims to coast the mind of visitors with its new QR code-based payments application.
Remember during the 2019 Swell, SCB presented the SCB Easy app, and interestingly, in less than a minute the application successfully executed a cross border payment.
Ripple’s cross border payment solution is being adopted by financial institutions worldwide. The firm’s settlement solution makes it easy for the sender to make the payment on the go without necessarily waiting for days to hear from the recipient that the fund has been delivered.
Unlike other archaic remittance solution, payment through blockchain seems to be solving cross border payment distresses.
Meanwhile, Siam Commercial Bank is a partner of SBI Holdings, one of Ripple’s strongest collaborators in Asia.