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   699

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 expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   116

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple