Ripple’s Cross-Border Capabilities Change Lives
Ripple managed to bag a lot of important partnerships back in 2019, and this year is expected to be even more successful for the San Francisco-based firm.
Siam Commercial Banks shows off Ripple-powered app
Siam Commercial Bank shows off the low-cost remittance mobile app for Asian Populations, which is powered by Ripple’s tech, and it’s available to 16 million customers.
Athint Srimporn the senior vice president of commercial banking at SCB offered people a demo of how the app works at a recent Ripple event. He said that his bank and the company are changing lives.
“It is so difficult to send and receive money today,” he began.
He continued and said that “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.”
Just in case you don’t know why this is so relevant, SCB is one of the largest banks in Thailand. They hope to expand the app which is called SCB Easy into Cambodia, Laos, Myanmar, and Vietnam.
More than that, the bank plans to partner with Ripple to offer cross-border EMVCo QR payments for micro-payment services.
Ripple vs. SWIFT
It’s also worth noting that The app utilizes Ripple’s payment messaging system, which is designed to rival SWIFT. It does not use XRP.
Ripple has been making huge efforts to overcome SWIFT’s flaws. The traditional payments system has been used by banks and financial institutions for decades now, but it became flawed over time and innovation must take its place.
This is Ripple’s main goal, and the company has already been able to offer clients safe, fast, and cheap cross-border transactions.
Ripple’s partnership with MoneyGram is also an extremely relevant one.
MoneyGram was recently in the spotlight when it’s been revealed that Ripple was looking back at its most viral announcements from 2019.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.