SCB Expands Ripple Partnership To Improve Cross Border Payments via ‘SCB EASY’ App
Siam Commercial Bank (SCB) has announced its partnership with Ripple in efforts to expand its global payment strategy. The bank announced the launching of SCB Global Payment strategy to enhance its cross border payments for its retail clients.
Exciting news for @scb_thailand, which announced the launch of its Outward Remittance Service via SCB EASY powered by #RippleNet to improve cross-border payments. https://t.co/ePSAuT60tj pic.twitter.com/PjPUU6nFBD
— Ripple (@Ripple) April 28, 2020
The bank stated it was launching an Outward Remittance Service through SCB EASY which was designed in collaboration with Ripple. The launching comes after the Bank of Thailand (BOT) approved the exit of the project from its regulatory sandbox.
The new service will be powered by RippleNet and will serve Thai’s customers and focuses on enhancing capabilities as well as expand coverage of SCB’s remittances in 12 countries. The new service will be more convenient as clients will be able to make fast transactions that will take only a few seconds up to three working days which will be determined by the sending location. The service will also allow the receiving beneficiary to get the entire sent amount with no deductions at the prevailing competitive exchange rates.
In a press statement shared with Bitcoin Exchange Guide, the new product is set to serve three segments including international trade, family support as well as parents with overseas students. The bank is forecasting to hit 80,000 transactions before the end of the year. The firm is also expecting to have transferred about THB 11 billion by end of the year.
SCB’s head of global transactions Ittiphan Jearkjirm explained that the bank is aiming at using the current technology to address customer needs. Jearkjirm added that the bank has teamed up with Ripple to leverage the firm’s enhanced blockchain technology.
Jearkjirm also added that the new service will enhance the remittance services in Thailand and will also reduce the risks that come with handling cash in the wake of COVID-19 pandemic.
Marcus Treacher, Ripple senior official, explained that SCB and Ripple have a common belief that blockchain technology holds the key to transforming the financial sector.