- Payment service provider Azimo, in cooperation with Siam Commercial Bank, has opened a new payment corridor between Thailand and Europe using RippleNet.
- Due to the corona crisis, on-demand liquidity lanes to the Philippines, Mexico and Australia have all reached historic highs in recent days.
Ripple is further expanding its presence in Thailand. The San Francisco-based company has announced that Azimo will allow instant cross-border payments between Europe and Thailand in partnership with Siam Commercial Bank of Thailand, one of Thailand’s leading banks. The new payment corridor will be powered by RippleNet, Ripple’s global payment network.
According to the press release, Thailand is one of the main remittance destinations in the world. According to the World Bank, Thailand receives $ 6.7 billion a year from abroad. However, Thailand is not only an important international hub for remittances, but also expensive to make cross-border payments. The country is ranked by Ripple as one of the most expensive countries for sending and receiving money:
The high cost and slowness of the cross-border payment experience today leaves shippers with few options, offering global financial institutions the opportunity to create differentiated value propositions in this market and offer a customer service experience. improved.
Using RippleNet and connecting to Siam Commercial Bank, Azimo can transfer transactions in pounds sterling or euros to Thai bahts in less than a minute. This process used to take on average more than a business day, as explained by Michael Kent, co-founder and CEO of Azimo:
More and more countries will pay instantly. Thailand recently launched its instant payment network, and this partnership with the country’s largest bank allows us to get the time to settle payments from 24 hours to 22 seconds on average. [It’s] send money to Thailand faster than anyone else in Europe
The news comes after the recent announcement that Azimo introduced RippleNet’s payment on demand (ROD) solution for the payment corridor to the Philippines. In addition, Siam Commercial Bank recently announced that it is working on a Ripple-based application for tourists that will eliminate the need to trade in the local currency, the Thai baht. In addition, the executive vice president of corporate banking said the bank wanted to extend its experience with RippleNet to other markets and to small and medium businesses.
ODL and XRP volumes soar due to corona crisis
While Ripple was able to open another payment corridor, existing ones are experiencing new record days. According to the Liquidity Index Bot on Twitter, payment lanes to the Philippines, Mexico and Australia have all reached record levels in recent days. According to data from the Liquidity Index Bot, the corridor to Mexico reached an historic high of 25.6 million XRP on April 8.
Liquidity index for Bitso XRP / MXN (28-day moving trend)
Progress of the day: 17%
Today to present: 27 887 470
Data: https://t.co/v07j0WZs3r pic.twitter.com/TFoesNWN9w
– Bot Liquidity Index (@LiquidityB) April 10, 2020
The payment corridor to the Philippines reached an historic high of XRP 10.8 million on April 8. The XRP / AUD (Australian dollar) corridor also reached an historic high of 10.8 million XRP on April 8, with the previous record of 9. million XRP (on April 5).
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