Bank of Ayudhya Public Company Limited, commonly referred to as Krungsri, the fifth largest bank in Thailand in terms of assets, loans, and deposits, has announced that it had joined RippleNet. The company is going to use Ripple blockchain in helping a large Asian petrochemical company to conduct real-time cross-border payments to its foreign customers.
By using RippleNet, Krungsri is not only able to provide a real-time cross-border payment flow for the petrochemical company, but also provide complete transparency into when the payment would be received. Interested in learning more? https://t.co/QmmBvN97rc
— Ripple (@Ripple) 18 December 2017
This decision was made following the complaints from the customers about the slowness of transactions which took several days to carry out and lack of visibility into the status of the payment.
We have gained trust from the large petrochemical company, our long-time major business partner, to deploy RippleNet for the money transfer between the company and its overseas trading partners.
President and Chief Executive Officer, Krungsri
Moreover, the use of Ripple blockchain network will allow Krungsri bank to provide complete transparency when the payment is received.
The price of Ripple started growing following the news, having shown the increase of 11% within past 24 hours and respectively 209% within past 7 days.
At the moment of press, these are main market parameters of Ripple:
- Average price: $0,82
- Marketcap: $31 933 839 272
- 24h volume: $1 705 800 000