Ripple Expansion Continues: Thailand’s Largest Commercial Banks Uses Ripple’s Tech
Ripple has been working really hard in order to promote its products and the company has been also boosting the complete XRP ecosystem.
Ripple's tech adoption increases
SCB Thailand is using Ripple’s tech in order to power cross-border transactions via the Easy Pay app.
The company updated the website with a pretty detailed description of the way in which it’s using Ripple’s tech.
This app allows SBC Thailand customers to move money to more countries, which include the US, UK, Germany, Italy, France, Singapore, and Spain.
According to the latest reports coming from the Daily Hodl, it also seems that 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.”
Here's their now-deleted tweet:
We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP.
— SCB Thailand (@scb_thailand) June 7, 2019
Ripple outperforms SWIFT
Ripple has been recently in the spotlight again regaring its battle with SWIFT, the traditional payments system.
SWIFT has been used by banks and financial institutions for decades, but according to more expert opinions, it's becoming outdated.
Recently, a new report from DBS Bank, which is the largest bank in Southeast Asia says that Ripple provides institutions the most inexpensive way to make cross-border payments.
This report is ranking various traditional forms of moving money both domestically and across borders.
When it comes to international payments, the reports highlighted SWIFT as the most expensive way to move cash, and this is followed by ACH transfers, and then Ripple as the most cost-effective method.
“Normally, corporates try to minimize the cost of payments. All else being equal, domestic payments will be cheaper than cross-border payments, and this is a driver for IHB and cross-border ACH,” says the report. Read more details on this in our previous article.
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