SCB reduces cross-border transaction time from two days to one min using Ripple tech

The oldest Thai bank, Siam Commercial Bank (SCB), revealed that they managed to cut down cross-border transaction time from two days to one minute. As per their announcement:

“In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment.  Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared to one to two days with conventional methods.”

Even though Ripple has not been explicitly mentioned, it is an open secret that SCB is experimenting with Ripple’s tech to boost transactions speed and efficiency. Phimonpha Santichok, Senior Vice President Chief Executive Officer of Commercial Banking Solutions, said last year that “SCB has invested in Ripple, which is a major global enterprise blockchain solution.”

Plus, Ripple had themselves written a blog post about their working collaboration with SCB saying:

“Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”