By Tobi Loba
Azimo, the digital money transfer service, has partnered with the oldest bank in Thailand, Siam Commercial Bank (SCB), to launch an instant cross-border payment service from Europe to Thailand, using RippleNet, the Ripple’s global payment network.
Ripple announced this new development via its official website on 9th April 2019. According to the report, this is targeted at bringing about a solution to the challenges of expensive and unreliable global payments.
Ripple also stated that through the platform, remittances from Europe to Thailand will settle in a matter of seconds, showcasing the use cases embedded in Ripple’s payment facility.
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The co-founder and executive chairman of Azimo, while reacting to the new development, said many countries are already leveraging this type of instant payment solution.
He said, “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.”
The Position of Thailand in Cross-Border Remittances
Going by the figures made available by the World Bank, Thailand is one of the major remittance endpoints in the world, stating that the country receives relatively $6.7 billion on a yearly basis.
Howbeit, Thailand is as well one of the most expensive countries in terms of cross-border remittances, which makes the services of RippleNet timely and vital.
The partnership between Azimo and Siam Commercial Bank (SCB) emerges after the former launched RippleNet’s On-Demand Liquidity (ODL) service, which serves as part of its expansion into the Philippines. According to the report, the service will be launched subsequently in other countries.
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Recall that Herald Sheets reported in early January 2020 that Siam Commercial Bank (SCB) Joined Ripple to build a mobile app that delivers instant, low-cost cross-border payments.