News

Ripple to power instant payments between Japan and Thailand

Thursday 9 August 2018 13:41 CET | News

SBI Remit and Siam Commercial Bank have partnered to use Ripple’s blockchain solution xCurrent to facilitate payments between Japan and Thailand.

Ripple officials have stated that the partnership between Japan-based SBI Remit and Thailand-based Siam Commercial Bank makes it possible for 47,000 Thai nationals living in Japan to send money home faster.

SBI Remit’s customers can use ATMs to send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB. Before offering this service, recipients were required to retrieve cash through an agent. Ripple has released a video demonstrating how the partnership works for customers in the real world.

SBI invested in Ripple back in 2016. SBI Remit representatives have stated that the company is looking at all the ways it can use the company’s blockchain tech to improve remittances. The partnership does not use xRapid, Ripple’s on-demand liquidity service powered by XRP.

 


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Keywords: Ripple, SBI Remit, Siam Commercial Bank, blockchain, xCurrent, Japan, Thailand, ATM, blockchain tech, on-demand liquidity service
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Countries: World