Ripple’s products for enhancing cross-border transactions have been gaining more and more recognition.
Ripple has been working really hard in order to be able to overcome the traditional payments system SWIFT which, although has been used for decades by banks and financial institutions, became flawed over time.
Ripple, on the other hand, has products for cross-border payments that are offering almost instant transactions, safer and with cheaper fees.
SCB is benefitting from Ripple’s solutions
Siam Commercial Bank said that they managed to make a cross-border payment which drastically reduced the transaction time from 2 days to 1 minute.
This development highlights how efficient Ripple’s technology is, without a doubt.
Here’s the official announcement:
“In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment. Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared to one to two days with conventional methods.”
Investinblockchain notes that even if Ripple’s name is not mentioned in the announcement above, SCB is definitely working with Ripple’s tech for cross-border transactions and this has already been documented.
SCB invested in Ripple
You may recall that a while ago, Phimonpha Santichok, Senior Vice President Chief Executive Officer of Commercial Banking Solutions, said a while ago: “SCB has invested in Ripple, which is a major global enterprise blockchain solution.”
Ripple also addressed this and said:
“SCB will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop.”
Ripple continued and said that “SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”
More and more institutions are ditching the traditional payments system and hopping on board with Ripple’s tech. Euro Exim Bank is one of them.