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

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.”