SCB partners with Ripple to extend SCB global payment strategy

Thursday 30 April 2020 13:58 CET | News

Siam Commercial Bank has unveiled its global strategy for cross-border payments, and the launch of Outward Remittance Service via SCB EASY developed in partnership with Ripple, the enterprise blockchain solution for global payments. 

Following approval to exit the Bank of Thailand (BoT) regulatory sandbox, SCB is now launching a new Outward Remittance Service via SCB EASY to its retail customers across Thailand.  

Outward Remittance Service via SCB EASY aims to improve cross-border payments and expand its remittance service across 12 countries.

Outward Remittance Service via SCB EASY powered by RippleNet will provide convenience for customers to transfer via SCB EASY anywhere and anytime, making it easier to send money as customers don’t need to register for the service or attach transfer evidence. Additionally, every transaction includes an e-slip which is automatically saved on users’ phones. Customers can use the e-slip as proof of transactions and send it to a beneficiary via social platforms.

In addition, SCB partners with startups around the world to provide money transfer services to Thailand. With the same Ripple network that harnesses blockchain technology, payments can instantly transfer from around the world through SCB to recipients using PromptPay service at more than 24 Thai banks. 

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Keywords: SCB, Ripple, payments , remittance, cross-border payments, money transfer
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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