Thai bank to conduct cross-border payments via RippleNet

Krungsri, one of the largest banks in Thailand, will make cross-border payments with Asian petrochemical company using Ripple blockchain
19 December 2017   1713

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.

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.
 

Noriaki Goto

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.

Ripple Charts december 2017Ripple Charts

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

Previously, we have reported that Japan and Korea were going to launch XRP-based cross-border payments, and SBI Ripple Asia had already started cross-border payments testing.

RippleNet Now Has Over 200 Participants

According to Brad Garlinghouse, during 2018, RippleNet was replenished with 100 financial institutions
09 January 2019   305

RippleNet was joined by 13 more financial institutions. Now network has more than 200 participants.

New partners of RippleNet are Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual / USEND and Rendimento.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank involve the XRP token in their operations. Ripple is confident that this digital asset is great for cross-border payments, as it increases their speed and reduces costs.

According to Ripple CEO Brad Garlinghaus, during 2018, RippleNet was replenished with 100 financial institutions.