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   2059

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.

BTC is Better For Global Remittances Than XRP - Bitspark

CEO George Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay
28 May 2019   218

The head of Bitspark, George Harrap, expressed the opinion that Bitcoin is better suited for cross-border payments than the Ripple's XRP token, which was specifically designed for this purpose, Crypto Briefing reports.

In particular, Harrap is sure that the first cryptocurrency is much more practical because it is accepted by much more companies to pay. At the same time, various services use XRP rarely because of its insufficient liquidity when exchanging for fiat currencies. This situation makes the Ripple token expensive to pay.

Bitspark researchers have published a report that assesses the suitability of various cryptocurrencies for making international payments. Thus, experts assigned Bitcoin and Ethereum “medium degree of suitability”. At the same time Stellar, thanks to the built-in decentralized exchange and the convenience of issuing stablecoins, received a higher mark.

The xRapid and xCurrent solutions, where the XRP token is used, are assigned a low degree of suitability due to their low liquidity when interacting with fiat money. In particular, according to Harrap, xRapid is convenient for operations with one currency, however, interaction with several monetary units is fraught with considerable difficulties. For example, an attempt to convert US dollars to Kenyan shillings will require payment routing through various channels and, possibly, conversion into various currencies, which translates into significant commissions.

The number of Ripple gateways that exist hasn’t changed in four years and basically consists of bitcoin exchanges for people to speculate on the price of XRP for BTC. None of these companies are remittance companies, nor are they using XRP for its intended purpose.
 

George Harrap

Head, Bitspark

Also in the company's report says that despite the low rate of transactions, the level of mass adoption of bitcoin is high, and it is more often used in payments than XRP.

There are no liquid Nigerian naira (NGN) and Ethereum (ETH) market, EOS and Vietnamese dong or XRP and Philippine peso markets. The only market which has sufficient liquidity and people willing to provide a local currency in exchange for a cryptocurrency is usually bitcoin.
 

George Harrap

Head, Bitspark

CoinMetrics researchers recently revealed a discrepancy of $ 84 million in Ripple reporting and XRP blockchain data.