Azimo and SCB Launch Instant Payments on RippleNet in Thailand
Digital money transfer service Azimo and Siam Commercial bank (SCB) partner to launch instant cross-border payments from Europe to Thailand. This connection has become possible through Ripple’s global payments network, RippleNet.
According to Ripple official site, these types of connections contribute in resolving issues regarding high-priced and unreliable global payments. This can also solve the issue related to the transfer duration. “Through RippleNet connection with SCB, Azimo can clear Pounds, Euros into Thai Baht in less than a minute,” Ripple reports.
Stressing the increasing number of different countries that are switching to instant payments, Azimo co-founder & executive chairman Michael Kent noted: “Thailand recently launched their instant payment network, & this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds.” In addition, he mentioned: “It is faster to send money to Thailand than to someone else in Europe”.
The new international payment system provides financial institutions the option to have access to blockchain technology for international payments, & gives payout option in around 40 currencies. With this payment system, financial institutions will be able to offer transparent & instant payments, “so money arrives when customers need it most”.