Thailand’s Siam Commercial Bank (SCB) has leveraged RippleNet to upgrade the mobile app SCB Easy for an instant, low-cost cross-border payment solution.
SCB’s SVP of Commercial Banking, Arthit Sriumporn, demonstrated the app at Ripple’s annual Swell conference. He successfully sent money to the recipient’s bank account within 40 seconds. Launched in 2017, SCB Easy had 9 million users at the end of 2018.
“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency,” said Sriumporn. “With our service, their loved ones from abroad can transfer payment and receive money immediately,”
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