Apr 12, 2020 02:30 UTC
Apr 12, 2020 at 02:30 UTC
Ripple Integration To Solve Thailand’s Expensive Global Payments Problem
Azimo is a cryptocurrency transfer services that has partnered with Siam Commercial Bank (SCB), which is the most established bank of Thailand. The aim is to launch an instant cross-border payments services from Europe to Thailand via Ripple’s worldwide payments network, RippleNet.
As indicated by an announcement on April 9, the solution plans to solve the difficulties of expensive as well as unreliable global payments. They express that via their platform, remittances from Europe to Thailand will take not exactly a moment to finish.
Instant Cross-Border Payments By Means of RippleNet
Truly, remittances between Europe and Thailand frequently take more than one entire business day to settle. Azimo then again can clear Sterling Pound and Euros into Thai Baht instantly.
Azimo’s co-founder and executive chairman, Michael Kent, featured that numerous nations are using this kind of instant payment solution.
He added –
“Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe.”
Thailand’s Expensive Remittances
As per figures from the World Bank, Thailand is one of the primary remittance destination across the world, receiving about $6.7 billion every year. However, it is likewise one of the most costly nations to send and receive money.
The partnership comes not long after Azimo launched RippleNet’s On-Demand Liquidity service as a major aspect of its venture into the Philippines. The service expects to launch in different nations over the coming months too.
As per the previous reports, the SCB had collaborated with Ripple to develop a blockchain-based mobile application to allow low-cost cross-border payments.