Azimo, a digital money transfer service, has partnered with Siam Commercial Bank (SCB), Thailand’s oldest bank, to launch an instant cross-border payment service from Europe to Thailand via the global payments network from Ripple, RippleNet.
According to an April 9 announcement, the solution aims to address the challenges of costly and unreliable global payments. They say that thanks to their platform, remittances from Europe to Thailand will take less than a minute.
Instant cross-border payments via RippleNet
Historically, remittances between Europe and Thailand have often taken more than a full business day to settle. Azimo, on the other hand, can empty the pound sterling and euros into Thai bahts almost instantly.
Michael Kent, co-founder and executive president of Azimo, pointed out that many countries use this type of instant payment solution. He added:
“Thailand recently launched its instant payment network, and this partnership with the country’s largest bank gives us time to settle payments from 24 hours to 22 seconds on average. [It’s] send money to Thailand faster than someone else in Europe. “
Expensive money transfer services from Thailand
According to figures from the World Bank, Thailand is one of the main remittance destinations in the world, receiving almost $ 6.7 billion a year. It is also one of the most expensive countries for sending and receiving money.
The partnership comes shortly after Azimo launched RippleNet’s on-demand liquidity service as part of its expansion to the Philippines. The service is also expected to launch in other countries in the coming months.
On January 8, Cointelegraph announced that SCB had partnered with Ripple to create a blockchain-based mobile app for low-cost cross-border payments.