Confirmed: Thailand’s Largest Commercial Bank Using Ripple to Power Cross-Border Payments Platform
SCB Thailand is officially using Ripple to power cross-border payments through its Easy Pay app.
The company has updated its website with a detailed description of how it’s utilizing Ripple’s technology.
The app lets SBC Thailand customers move money to a long list of countries including the US, UK, Germany, France, Italy, Spain and Singapore. Payments to the United Kingdom and Singapore are transferred in real-time.
“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.”
SBC has previously stated that for now, it’s using Ripple’s payment messaging system xCurrent and not the XRP-powered xRapid.
SCB’s partnership with Ripple began in 2016, and the company’s chief technology officer Colin Dinn says he now believes banks that don’t implement similar technology are facing extinction.
“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.
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.”
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