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Running on Ripple: SCB Mobile Banking App Could Change Cross-Border Payments

Running on Ripple: SCB Mobile Banking App Could Change Cross-Border Payments

 

  • Siam Commercial Bank (SCB), one of the oldest financial institutions in Thailand has recently teamed up with Ripple.
  • This is in order to design a mobile application powered by blockchain to deliver instant, low-cost cross border payments. 
  • Going off a blog post published by Ripple yesterday, the new mobile app was shown off at the Ripple customer event, Swell.

 

Siam Commercial Bank (SCB), one of the oldest financial institutions in Thailand has recently teamed up with Ripple to design a mobile application powered by blockchain to deliver instant, low-cost cross border payments. 

Going off a blog post published by Ripple yesterday, the new mobile app was shown off at the Ripple customer event, Swell last month. This demo was specifically showing off its ability to send cross-border payments in just seconds.

Arthit Sriumporn, the senior vice president of commercial banking at the Thai bank said the following on the app:

“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”

In showing the app off in action, Sriumporn sent a payment to a recipient’s bank account in less than a minute (40 seconds to be exact).

As per CoinTelegraph, “SCB is also working with Ripple to offer cross-border EMVCo QR payments. QR payments are popular throughout Asia, and leveraging this capability will allow SCB to offer customers micro-payment services in addition to remittances.” 

Sriumporn went onto talk more in-depth on this explaining that the bank’s micropayment services are a thing to get excited about.

“Imagine you are a tourist coming to Thailand, and you can use your home country mobile application to scan for payment and eliminate the need to exchange for local currency. You can use your mobile app, scan the QR payment and receive goods right away.” 

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