The international remittance services provider Azimo partnered with Thailand’s oldest bank, Siam Commercial Bank (SCB). This partnership will use Ripple’s technology to make transactions between Europe and Thailand instantly as compared to the previous remittance model taking up to one business day.
Azimo Partnered with SCB via Ripple Net
Ripple announced this strategic partnership between two finance networks on April 9, thus revealing how Ripple is making the payment system more efficient and reliable. The new cooperation will benefit millions of citizens in Thailand, as now transactions will take less than a minute. Moreover, the payments will now proceed in low commission rates than ever from Europe to Thailand.
The co-founder and CEO of Azimo, Michael Kent, said while giving an overview of how this new payment system will revolutionize the whole procedure:
‘’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.’’
As per the Ripple’s announcement,’’ Before, remittances from Europe into Thailand averaged more than one business day to settle. Now, through the RippleNet connection with SCB, Azimo can clear Pounds and Euros into Thai Baht in less than a minute.’’
Ripple is Innovating Remittance in Thailand
Before entering into Thai markets, Azimo recently announced about its expansion into the Philippines’s markets with the ‘’launch of RippleNet’s On-Demand Liquidity (ODL) service.’’ Ripple Net is already being used up by most of the largest banks of the world to settle payments across the borders.
At the start of the year, the Siam Commercial Bank (SCB) reported to developing a blockchain-powered application in collaboration with Ripple to make low-cost cross-borders transactions instantly.
Ripple claimed that they are partnered with more than 300 banks across the world. However, they are using only the company’s blockchain technology rather than tokens’ usage in settling payments.
In terms of remittance payment volume, Thailand is accepting nearly $6.7 billion each year, according to the World Bank.