Ripple’s existence in the payment industry is beginning to bring about more collaborations and partnerships as the Sans Francisco-based blockchain firm partnered with the largest corporation in Thailand.
PTT Exploration and Production (PTTEP), a petroleum exploration company said to be the largest firm, is partnering with blockchain startup, Ripple to make use of its payment infrastructure in cross-border remitting.
As confirmed on the PTTEP website, the firm and Siam Commercial Bank (SCB), a Thailand based financial institution that already deployed Ripple cross-border payment infrastructure, are collaborating to heighten their cross-border transactions for PTTEP.
Earlier, Siam Bank hinted that it would be finalizing its integration of Ripple settlement tools including xCurrent. Siam Bank CSO Paul Arriyavat confirmed to reporter that SCB invested in Ripple to make its technology widely used while also linking them with diverse online payment solutions.
According to the company, this is the first time Siam Bank will be using Ripple’s blockchain infrastructure, deployed by big banks across the word, in B2B model. Siam Bank is a strong ally of Ripple firm. In fact, it is the first to make use of Ripple’s Multi-hop tool to settle payment for other financial institutions on the RippleNet.
Multi-hop removes the bottlenecks emanating from one-to-one settlements among financial firms using RippleNet. Siam Bank, with the multi-hop infrastructure in place, is able to forward and receive payment without a one-to-one link between the beneficiary and originator institutions.
According to PTTEP CEO, Khun Somporn Wongwuttipornchai, the partnership is the beginning of cooperation with financial institutions to make PTTEP’s across-border payment seamless, cost-reduced, and achievable within few minutes.
Large firms seeking to maintain business competitiveness and stand above others make use of Ripple’s blockchain technology. The same thing PTTEP aims to achieve with this partnership.
For now, Siam Bank and Ripple are going to be facilitating PTTEP’s payments to its clients across Southeast Asia.