Thai Siam Commercial Bank (SCB) completes cross-border transfer using Ripple technology in just 1 minute


  • SCB drastically cuts cross-border payment time from two days to only one minute.
  • Ripple had acknowledged its involvement with SCB for its “multi-hop” feature.

The oldest bank in Thailand is reported to have integrated Ripple’s technology for its cross-border fund transfer. The bank revealed that it was able to bring down its cross-border transfer time from two days to only one minute. According to an official announcement by the bank:

“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.”

While Ripple was not mentioned in the latest announcement, the bank had released an earlier announcement saying that it was working with Ripple’s technology to ensure faster cross-border transfers. Moreover, in a blog post Ripple had acknowledged its involvement with SCB and even praised it saying that it was going to be first of its many financial partners who will be using the “multi-hop” feature:

“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.”

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VeChain looks to surge against mounting overhead pressure

VeChain price hints at a rally, but resistance barriers ahead could slow down its ascent. Breaching the supply zone that runs from $0.228 to $0.245 will provide VET a relatively clear path. A breakdown of $0.180 will invalidate the bullish outlook and kickstart a bearish descent.

More VeChain News

EBay allows the sale of NFTs for digital collectibles on its platform

After enduring a weak second-quarter profit forecast in late April, eBay announced that it is now allowing the sale of non-fungible tokens (NFTs) for digital collectibles to be sold on its platform.

More Cryptocurrencies News

Dogecoin stabilizes in preparation for rally to $1

Dogecoin price may close with a second inside day as it tries to maintain April high. Daily Relative Strength Index (RSI) shows a bearish momentum divergence. IntoTheBlock IOMAP metric shows considerable support just above the April high.

More Dogecoin News

Ripple awaits the next catalyst

XRP price was dealt a blow yesterday. As a result, the outlook has turned neutral and elevates the importance of a bullish news roll for the ongoing legal case between Ripple and the Securities and Exchange Commission (SEC). 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP