The commercial blockchain feature will enable individual funds transfers from Japanese Yen to Thai Baht between the two banks. Siam Commercial Bank claims that a transaction, once triggered, will see funds deposited in the recipient’s savings accounts in Thailand within “two to five seconds”, compared to the current ‘2-business days’ norm for payments between the two countries.
SBI Remit director Nobuo Ando underlined the need to enhance existing remittance services to make them faster and cheaper for its retail customers.
“In this case, Ripple was impressive in concept and turned out to be more so in practice,” he added. “Furthermore, we can expect to have more favorable foreign exchange opportunities as Ripple’s network expands.”
To this end, the Siam Commercial Bank – incidentally Thailand’s first bank – is also planning a rollout of the Ripple-powered blockchain service to other key remittance corridors across North America, Europe and Asia Pacific.
The aim, as stated by SCB’s strategy chief Dr. Arak Sutivong, is to “power real-time payments for our customers, whose families oftentimes depend on the availability of these funds for basic needs – time is of the essence to them.”
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