29 June 2017 - SAN FRANCISCO--(BUSINESS WIRE)
Siam Commercial Bank (SCB), in collaboration with Japan’s SBI Remit, is using Ripple’s blockchain enterprise solution to power real-time remittance payments between Japan and Thailand. A first for the corridor, Ripple’s cross-border payments network solution is helping remittances from Japan reach SCB retail customers easily and faster than ever before.
Approximately 40,000 Thai nationals currently live in Japan and total remittance flows from Japan to Thailand are roughly USD250 million a year.
The rollout of this new service begins today, and supports individual funds transfers from JPY in Japan to THB in SCB savings accounts in Thailand. Once sent, the funds are credited to an SCB recipient’s account within two to five seconds, a significant uplift compared with the up to two business days it currently can take for a payment to be made between the two countries. SCB plans to roll out the service in other key markets across North America, Europe and Asia Pacific.
Source: Siam Commercial Bank
Illustration Photo: banknotes (japanese yen at the left, thai baht at the right) (Public Domain)