Thai bank will use Ripple’s blockchain for international payments

Siam Commercial Bank was testing blockchain technology for payments between Thailand and Japan, which were processed in a few seconds

The largest bank in Thailand, Siam Commercial Bank, reported through its official Twitter account that it will soon implement a blockchain system based on Ripple’s technology to improve its cross-border operations.

Siam Commercial Bank (SCB) has been working for months on a pilot program of international transfers that takes advantage of the benefits offered by Ripple, which brings a reduction in processing times that goes from days to minutes and reduces costs.

When the SCB tests were carried out, it managed to complete an operation from Japan to Thailand in just seconds. However, the directors of the entity maintain that they will offer more details to users in due course; when all possible problems have been resolved.

It is worth emphasizing that Thailand is one of the countries that shows the greatest interest in payment systems backed by distributed technology. To promote the blockchain the country created a coalition of 22 members known as “The Blockchain Community of Thailand“, which aims to facilitate payments at the local level.

For its part, Ripple signed agreements with several banks around the world to massify the use of its blockchain technology, with the aim of transforming the international payment industry by providing them with greater speed and making them more economical.


Source: Diario Bitcoin 

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