South Korea now has the first remittance transfer service based on RippleNet, the Ripple blockchain. It is called Cross and was launched to the market by Coinone Transfer, a payment company and subsidiary of the cryptoexchange Coinone in association with the Siam Commercial Bank.
The Cross platform was designed as a web service and mobile application aimed at fast and cheap money transfers between South Korea, Thailand and the Philippines, initially. However, Coinone Transfer plans to expand coverage to Southeast Asia in the coming months.
According to spokespersons of Coinone Transfer, they will soon offer customers a direct link to PromptPay through which any recipient with a bank account in Thailand can receive a payment directly and immediately.
As a precedent to Cross it can be mentioned that already last May, the CEO of the platform Wonhee Shin, had announced the plans to implement the Ripple xCurrent solution for cross-border payments. Transparency, speed and confidence, are some of the benefits offered by the platform based on the Ripple blockchain technology which can process payments on an average of one hour with commissions of 1% of the amount transferred.
Cross thus becomes the solution for sending transfers in South Korea that until now were very limited, implied high commissions and complex processes.
M.Pino
Source: Cryptoeconomy.net
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